I shoot Foam Carbon limbs on my competition bow. The limbs do have a higher pitched noise and are a little louder, but they are fast. Since I use them in completion, speed is important and noise is not so they work well.
My hunting bow I use glass/bamboo limbs, the probably aren't quite as fast as my foam limbs (but I have never compared them with the same arrows, so not 100% sure, but they are deathly quiet. I use these for hunting because speed is not that important to me, but quiet is.
Anyway, that is my take on the pro's/con's of foam limbs.