There's a lot to be said being detached.
For multi channel audio (i.e 5.1 or more), you'll want the walls below ear height to be acoustically dead, and the walls above reflective. The cheapest method with unpredictable results is foam backed carpet glued to the walls (worked for me - use thick wallpaper paste so it can be steam removed later if necessary). Use a dado rail or similar to make a nice finish. Leave the walls above but if you want to make them less reflective for light (so light from the screen doesn't bounce back from the walls back onto the screen) you can use a black material like velvet or maplins speaker grill felt. Being accoustically transparent it won't effect the audio too much.
The screen wall should be totally dead as well, and put carpet on the floor. Try and make the room decor as dark as possible to reduce light reflections - you can get a lot of reflected light from the ceiling so don't forget about that.
A better alternative is to get in a professional who will use software to map the room reflections and use proper treatments to tame first reflections and use diffusers where needed for better and more predictable results.
If you're more of an audio perrson the pro route may be a better solution. I'm less concerned with the audio so the diy route was fine for me.
What you could do is see what the room sounds like before adding any treatments to it and then decide if it needs them. I had a lot of echo in my room but the carpet cured that for me.
Gary