I've been doing the research, both here and elsewhere. It looks like ARC addresses some acoustic issues, however, it also looks like proper bass traps will actually do a better job IN MY CASE. I have a room that I use for my home studio and the wife could care less how it looks or what I put on the walls...short of naked women.
I found a great simple to follow DIY bass trap PDF on the web. I'm not bad at this type of simple construction. So, I'm strongly leaning toward making my own traps. I figure I can make 6 48x24 4" thick traps for about $200 - $250.
If I need more acoustic adjustments after the bass traps are installed I can always consider adding ARC to the "mix."
What do you guys think?