I spent $40 on 4 square feet of Dynamat Extreme at the local car audio shop and in about an hour did a minimal install. About half of it went on the removeable engine cover, and the other half on the front side of the engine compartment, right behind the seats.
I believe it made a noticeable difference in the engine noise, particularly at low speeds. It did nothing for road or wind noise, but that wasn't my intent. The $40 seemed well spent.
The engine cover:
The front of the engine cover, looking back, over the passenger seat: