I've built quite a few now for several commercial clients using Owens Corning 703 and covering with Guilford of Maine fabric.  The marketing department of one company even had fabric printed with product images which turned out really cool for conference rooms and call center areas.

None of these installs were "engineered" like you would a home theater.  The panels were just placed to tame bad acoustics (mostly echo) and in every case the extra absorbtion made significant improvements.

One company has already moved twice and just takes them along and hangs them up again in the new buildings.  Depending on size, they're just hung on the wall like a photo or using a French cleat for larger panels.