I'm using a number of DIY bass traps and absorbers based on a variety of Owens Corning 703/705 rigid fiberglass. I went DIY because I needed something that would exactly fit my needs, plus I wanted something that looked good in the room.
I currently have floor to ceiling bass traps in all four cornters, wall and ceiling absorbers at the first reflection points and I'm working on a couple of membrane-type bass traps and then a diffuser.
There's a lot of excellent information on the Room Acoustics forum (sponsored by Rives) over on AA plus Ethen Winers and Jon Risch's sites. If you have some basic woodworking/shop skills, you can get professional results and use all the extra money for more gear.