MDF with a damping layer and drywall over it will reduce resonances very much. However, there are still 2 things to be aware of. One is, how much do you want walls that don't resonate or give? A concrete wall doesn't give, and you can imagine the bass mode problems you have in a concrete room. On the other hand, walls that don't give do reinfoce the low end, so you can see this can be a good or a bad thing. In most cases, you don't want absolutely rigid walls unless you had the perfect room with built in traps to relieve the pressure and no parallel walls creating high Q factor bass problems. The second aspect of this is why to use MDF material, it is very expensive for such large surface areas. It's used in speakers as both structure and low resonance. For walls you don't need the structural support so, multi layered drywall with damping material between it can achieve nearly the same low resonance factor (unless you are using the mammoth of all subwoofers at high volumes--but under normal conditions) at a much lower cost.