Closed-cell (aka two-pound foam) is denser than open-cell at about 2 pounds per cubic foot. Its R-Value is between 6-6.5 per inch. As a result, this kind of foam is much more expensive than its counterpart. The reason closed-cell doesn't need a vapor retarder is because it already has one. It's permeance is 0.8 perm, which means it can handle cold climates without the use of an additional board or drywall. Closed-cell uses hydroflurocarbons (HFCs) as part of its makeup. However, this material has been known to have a high global warming effect. If you want a green insulation solution, this is not the material to use. A way to avoid this and still use closed-cell is by installing it alongside fiberglass batts.
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I'm in the process of redoing my basement and read through the posts. I took out one inch styrofoam covered by 1/4 " beadboard and installed 2X4s and plan on putting in fiberglass batts between them(r-13) with 1/2 in drywall over top of that. Do you think I will see a significat increase in heat control? Should I have done more?... it's a little after the fact, but still curious to know if I will see a big difference based on your experience.

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