We just moved to a new 3 room apartment and we’re about to set up one room as a studio. The acoustics is horrible and we will need to spend some time and money on acoustic treatment. It’s quite amazing what some small square spongy panels can do for your sound so if your mixes don’t sound right, put up some panels before you spend all your savings on some new huge and expensive speakers.
Good example how to kill a room:
http://www.youtube.com/watch?v=cp56A6TcL1E
More vids with examples
http://www.youtube.com/watch?v=dB8H0HFMylo