A friend of mine bought a truck where the very intelligent PO used the foam inside the chassis under the misguided hopes that it will not rust. When my friend got the truck he did the frame off on it, after many days of swearing, bleeding, and removing the crap he discovered the full effect. The foam worked great to trap moisture and not release it. The entire frame was garbage. I have seen it used in body panels, the best case effect I saw was that after your panel rots off you have a perfect shape of it in the foam so you can just pain that and no one will notice. The other benefit of foam is that when you go off roading and damage your new "panels" you can just spray more of it on and shape it with an x-acto knife. Let's not forget the fact that since you will have no sheet metal your fuel economy will improve due to lower weight.
P.S. - yes I am a sarcastic SOB.