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Due to its relatively large cell structure, low-density foam stays somewhat soft and flexible after curing. This increases the likelihood of its continuing to provide high insulation value even as the building settles and shifts over time. Low-density SPF provides heat insulation and seals airflow through cracks, joints and seams by filling the cavities. In addition, this foam can help absorb sound thanks to its soft texture and open-cell structure.
One thing I wanted to mention was that I think your price point is a little high and that might deter people from considering spray foam. As a project manager for a spray foam company for years I can tell you that we offer 0.5 Lb. open-cell foam at around $.25/board foot. We even offer a 1.0 Lb. open-cell foam for less/the same cost as you quoted the 0.5 Lb. foam for above. The 1/0 Lb. open-cell foam has an R-value of almost 5.
When choosing a waterproofing and sealing product, we must see to it that we can easily use and apply it using simple tools, including a squeegee or a paint roller. With ease of application, we can be certain that we can achieve hassle-free application and smoother and more attractive finish than other products could give. So when reviewing the products we have featured above, we have made sure that they are easy to apply.
Henry 287 Solar-Flex White Roof Coating is a Henry 287 Solar-Flex White Roof Coating is a premium elastomeric water-based acrylic latex coating designed to reflect the sun's heat and UV rays. Properly applied it is highly resistant to disbonding chalking mildew and discoloration. Expands and contracts with your roof to protect it from leaks aging mold mildew and ...  More + Product Details Close
There is a significant price difference when it comes to using foam insulation to insulate a new versus older home. Spraying insulation inside a newly constructed home is easier because the installation company can ensure the insulation will work effectively and design it for optimum defense against sound, heat transfer and utility costs. Installing spray foam in older homes that contain existing insulation can cost additional time and money -- it is not usually recommended as compared to weatherization or an energy aduit.
If you cut the nails holding one of the corner studs to the bottom plate and the top plate with a Sawzall, you can use a flat bar (or a flat bar plus a wrecking bar) to pull the stud off the sheathing nails. Either re-use the stud, or buy a new stud, and install the stud with toenails as shown in the link I provided in Comment #51 (this link: Outside corner detail).
There are two main types of spray foam to consider: open-cell and closed-cell. Open-cell spray foam has a lower R-value per inch and because of this, typically a lower price tag. The soft, low-density material is used for interior applications. Its high permeability allows for moisture to pass through, which contributes to bi-directional drying of the assembly, but it may not be ideal for all applications or climates. 
SPF insulation applied by professionals is usually described as either a high- or low-pressure foam and is available as either open- or closed-cell. Each type has advantages and disadvantages depending on the application requirements. The comparison chart below can be helpful in explaining or understanding which type of SPF insulation is best suited to a specific application.

We have a 22 year old home located in southeastern georgia where the humidity is very high. In the past 2 weeks our floors have started buckling all over. We have a vented crawl space and the old insulation is drooping from moisture and the wood is wet. We are debating between the "encapulation" method or the spray foam method to repair this issue. Which would you recommend?

I've seen this only once, and it was with closed cell foam, but I've heard of it happening with open cell foam, too. I don't know the details, but I've heard it could result from a bad batch of chemicals, improper mixing, or too high a temperature. Whatever the cause, it's not a good thing. The photo below shows how the spray foam pulled away from the studs. A little bit of uninsulated area like that adds up to a lot of heat loss/gain when the whole house has that problem, as it did here.

How Much To Spray Foam Basement