From one SRV fan to another, check these sites.. Ethan Winters has quite a bit to read, but for those looking for the magic behind the curtain, you will find quite a bit of it there..
http://www.musicplayer.com/ubb/ultimatebb.php?/ubb/forum/f/26.html
And another:
http://forum.studiotips.com/index.php
And, for those that want to come all the way over the dark side, http://ibsubwoofers.proboards51.com/index.cgi
...
And yes, you can dial in the amount of acoustic treatment you want.. Home theaters tend to be more on the dead side, as opposed to studios and music only rooms, which favor the livelier brighter room..
Oh, the older style wiremesh/box/compressed fluff has been pretty much replaced by the factory compress 700 series style, mineral wool, and acoustic cotton..
Lots of good reading, hope it helps..

LFE ! The rest is just details..