Insulation is one of those things that it's real easy to get caught up in a lot of little things that wont actually provide any noticeable improvement in a house that can cost a lot of money. Wood studs are not even close to being as big an energy loss as windows and doors. You can spend tens of thousands of dollars more on a house improving your windows and doors, and still not see any savings in your energy bill. What is most important on a wall is stopping air flow. If a decent 2 pane window is taped, and the house is wrapped with all the seams taped, just about any type of wall insulation is going to give the same results. The newest trend is to paint the sheathing with a WRB Paint. Zip System is OSB with a WRB already applied that relies on tape being added to the seams. Stopping the wind is where you gain your noticeable results in the walls.
Heat gain and loss is almost exclusively controlled by how well the attic area, or roof, is insulated. This is where foam really shines. Nothing is better then closed cell foam. I would never use open cell and personally think it should be banned from being used in homes. For less money, blown in insulation will give you the same results if you have it applied deep enough to achieve the same R value. It's all about the R value and how much room you have to obtain it. I have 2 feet of blown in Atticat in my house and it's awesome. When I build my shop, I will have a ceiling so I can do the same in there. When I add on to my house, I will have a vaulted exposed beam ceiling with no room for blown in insulation, so I will use closed cell foam for there.
Those are the basics. You can tweek the basics and obtain some small results, but overall, there isn't very much else that you can do that will provide a noticeable improvement over what you get with a air tight wall and R60 ceiling.