Auralex is basically crap. About the only thing you can use it for is their panels for first reflection points. The problem with Auralex is that it simply doesn't do much and what it does is pretty high in the frequency spectrum. You can't "tune" a room with Auralex, about all you can do it knock down the high frequency reverb (leaving the rest of the standing waves a complete mess). And their bass traps don't do anything.
Oh yeah, and it's ugly as hell
Double oh yeah: The advice they give on how to treat your room is pretty bad.
There's a REASON you almost never see the stuff in good studios.
As for the OP's question about what to do in his room:
1) As much bass trapping as physically and economically possible!
2) First reflection points on the walls and ceiling
3) After that it's too taste.