Another alternative is "acoustic cotton" which is made up of various recycled cotton materials to about a 5.5" thickness. I think it is cheaper than 703, but I can't remember for sure. It was $135 /4 pieces in a bundle.
I used it in the corners and between wall & ceiling in my tiny control room (10.5 x 11). I covered it in burlap from Walmart. It looks like a bunch of pillows hanging all around my room. Instead of sewing the burlap, I used Ty-Raps to tie all the pieces together...real quick & easy.
The stuff comes in 2x8 ft peices. It is pretty easy to handle, as it doesn't fall apart. The easiest and fastest way I found to cut it was using a Skill saw with a plywood blade. You can cut it just about anyway you want to. I'll upload some pics if you want.
I bought it here:
http://sensiblesoundsolutions.com/
Not affiliated with them, just a happy customer.
Anyway, hope this helps.
Rick