I posted some of this information over on the CIH forum but I thought I would bring a summary of it into my thread so that I always know where it is.
When I rebuilt my screen wall I found a fabric at Hancock Fabrics that resembled the SMX ProPanels so I decided to use it for the panels surrounding the screen frame.
Here are two pictures comparing the Micro velvet to GOM FR701 (AKA the burlap)
First no flash:

With flash:

I don't have any test equipment to test for Acoustical transparency but I can do a blow through and shine through test. Here is the shine through results draping the fabric over my monitor:
GOM FR701:

Micro velvet:

I've been very happy using the Micro velvet. It is darker and a little "classier" than the burlap. It matches the screen frame and masking panels perfectly and makes the screen look almost like it is floating in mid air. With only the sub behind the fabric I can't detect any difference in the audio.
The fabric is this one.
http://www.hancockfabrics.com/Micro-...VVviewprod.htm
Hancock Fabric Item# 128157
Hancock will honor competitor coupons and I used a JoAnne's 50% off any one item coupon successfully at the store.
Comparison of SMX screen, Pro Panel, Frame, Micro Velvet, GOM Crystal blue. Left to right.

Notes: the micro velvet is at an angle to the camera. the Pro Panel is showing some reflection back from the screen. Under different lighting conditions the Pro panel actually looks darker than a swatch of the Micro velvet so I am now convinced that they are only
nearly identical.
This picture really surprised me because I can not see a difference with the naked eye but when I look at the LCD viewfinder I see this difference:
