I have started with foam over a plywood module sections. It has gone okay, but I don't like routing the turnout throw rod from my Blue Points through the foam. I had added a rectangular brass "tube" through the foam to contain the throw rod, and it has worked okay. This has been for an area that is mostly flat.
When I get to the end of the current bench work I plan on going with an open grid with 3/4 inch plywood on risers as there will be a long grade. Wiring is also a bit of a pain when everything is covered up. I had planned on having the foam covered modules be "self contained" so that I could take each section and turn it on its side, but that hasn't worked out for my plan due to some unforeseen circumstances (ie. joints between modules in the middle of a turnout, etc..).
It is possible to mix and match ideas as you go. Some techniques may work out better than others for various portions of your layout.
Best wishes, Dave