Ian,
I took a look at ASC's website and their "acoustic soffits". It appears that they have combined the properties of soffits, corner bass traps, and high-frequency absorption in one product. Since Acoustic Sciences is a pretty savvy bunch, I have no doubt that their acoustic soffits are effective.
But, as you suspected, you can achieve similar results at lower cost with other approaches. Ordinary hard soffits - the framing/plywood/sheetrock type as I have in
my theater front view or
my theater rear view generally improve the room acoustics by "breaking up" the wall-ceiling corners and reducing slap echo.
For additional bass control, you can supplement the hard soffits with tube traps, bass traps or LENRDs from
Auralex, diaphragmatic absorbers, etc.
For upper frequency control, you can supplement with absorbers of various types: DIY cloth-covered panels, carpet, overstuffed furniture, "blade" or "pyramid" panels, Sonex tiles, etc. The trick is getting the right balance of reflection, diffusion, and absorption. I used Auralex 2" studiofoam wedge panels in plum along the front wall and part way down the side walls,
Markerfoam window plugs, and hollow columns with fiberglass stuffing. The bookcases provide natural diffusion. Overall my room is a bit dry for music listening, but just right for HT.
Auralex has some good tutorial material to download from their website. Generally as a minimum, you want absorbers at the first reflection points from your main speakers.
Good luck
