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I have the area behind and to the side of our speakers being covered by 703, with an aesthetic layer of Guilford fabric over the insulation. This also makes it easy to cover the seams between fabric pieces by using wood trim boards over the staples holding the fabric in place.

One note if you decide to go this route - just to save you the pain of a lesson learned by others (me) :

I decided that putting studs in at 24" o.c. was the way to go.

I installed all the studs, everything looked great.

I went to install the 703, which I had purchased in 4 foot sheets, 2 feet wide (don't forget to get the unfaced kind, not the kind with backing on one side).

Ummmm... and I realize this may be obvious to many of you.... but 24" o.c. (on center) means I still had to cut each of the sheets of insulation by 1.5"!!!

So - if you install the studs with 24" between them, you'll have a much easier time pressing the 2' width 703 into the gaps (the friction of the insulation sides against the wood means you shouldn't need adhesive behind the 703).

There may be other reasons for leaving the studs at 24" o.c., but for the purposes of building a home work space I thought this info seemed practical.

Hope it helps. Hope your room turns out great.