First off, Hello everyone! I've been around for a while now, and thought this would be as good as any for my first post. As I work for a State Energy Office for over 20 years now. I started off as an inspector, and now I do most of the training for our state.
One reason cellulose has such a bad rap for settling, is due to contractors and unskilled intallers "fluffing" the insulation. When they blow in the product, they turn the fan on high. Which "fluffs" the product, giving it the apperance that they have installed more insulation than what they really did. Then over the years, due to how the insulation was installed, you have a lot of settling.
Look at it this way. If your a contractor and you bid a job to install 100 bags of insulation. But you "fluff" the product and only install 70. You just saved yourself around $300, with the client not being any wiser as to what you have done.
In our testing, with the products that we have approved though our office, when installed right, settling is limited to about 15-20%. When pricing the two insulations, you need to look at the coverage charts on the bags and compare prices with reference to the coverage rates, not price per bag. While it's almost a wash in price between the two when looking at coverage rates. Cellulose does tend to cost more in the long run, due to the settling.
R value isn't the key, air sealing is. Like others have said, fiberglass is nothing but a filter, as air passes though it freely. This can be shown with a draft meter and blower door, and has been proven in many independent tests. If you have never had a blower door test done on your house, you really should. As it can tell you a lot about your home.
Far as if someone should use a vapor barrier with foam or not, you really should contact you local building inspector. In our state, most of the foams are rated as a class 3 barrier, so for us, it really depends if a class 3 barrier is approved by local codes or not. Many of our local codes require a barrier rated lower than a 3, so again, you really need to check with your local building inspector and see what is required in your area. Calling the foam manufacturer is alway a good thing as well.
Sorry for the long first post, and hope it helps.