I recently inspected a home with Icynene insulation which I think is the same thing. I found little to be critical of regarding the insulation. Granted, I don’t know a lot about this insulation method but what I’ve read so far is very positive. Here’s a link to their website http://www.icynene.com/Products.aspx and I’ve also included a couple of photos I took and a link to a printout I included in my inspection report at http://www.icynene.com/assets/documents/PDFs/ConsumerBrochure.pdf .
It is an excellent product. My open foundation is insulated with it. If exposed to sunlight (UV) it will begin to discolour and break down. It should also be covered with drywall as it is combustible and gives off very toxic gases (Cyanide?)
Icynene is an open celled foam as opposed to polyurathane which is closed cell. This means that Icynene will allow moisture to very slowly migrate through it.
15 Minute Thermal Barrier Coating List](http://www.icynene.com/ThermalBarrierCoatings.aspx)
Icynene falls under the plastic foam insulation section of the building code. The building code requires that plastic foam insulation be seperated from the interior by 1/2’ drywall or equivalent material (15-minute thermal barrier). A list of some coatings that have passed the thermal barrier test requirements over foam insulation is provided here as a reference.
I think you will find that if the attic area is to become liveable space the foam would have to be covered. If it remains an attic the drywall would not be required. That is what I have been told.
You see Poly-Iso all the time under EIFS (usually on the outside of the wall cavity, but have seen it on open frame sometimes I/S but always covered up in living areas with drywall, poly, etc. Seen once or thrice in attic area - had vapor barrier over on those installations.