I installed the dynamat today along with the hogtune speakers and it did make a positive difference. I only went on a short ride through the neighborhood, tomorrow I'll try highway speeds.
I'm going to put some type of sound dampening material in when I put new speakers in this winter but only a 12" x 12" section behind each speaker. I personally feel that if your doing it just for better sound, doing the whole outer fairing is a bit overkill. Maybe I'm wrong but it's logical in my mind!!!