You can certainly use insulation in the "bays" between the joists if you want to but I didn't and after 3yrs of using the riser I don't feel I need to add insulation.
My riser is completely carpeted(both vertical sides and top) with normal carpet pad on the top only.
IMO if the riser is securely built(physically mounted to the floor and/or walls) with screws and glue I don't think it's going resonate much anyway. IMO rigidity and mass is what were after in the riser. If it can't move...it can't resonate.
My theater is in the basement so I had to mount mine to a cement floor using "heavy duty" Liquid Nail. When the bass is really pumping and I step from the concrete up to the riser, there is very little difference in the amount of vibrations I feel. Don't get me wrong...it does vibrate a little more than the billion-ton slab...but surprisingly not much more so.

Both of my subs are sitting on the concrete slab but the side of one sub is actually touching the edge of the riser and the other is about four feet away.
When I said I have two large subs...one is a d.i.y. unit i made with dual 15" dvc's from partsexpress and the other is a JBL Professional model with two 18's that is THX certified for use in large cinema's. It's about as big a refrigerator lol.

All together I running about 2600watts rms into the subs. Believe me...if a riser was going to resonate...it'd be mine.
