My workplace installed a dropped ceiling using the usual 2'x4' steel grids you see in many basements.....but instead of the usual ceiling tiles, they used 2'x4' pieces of coated drywall.....it's a nice look, and not too expensive.
I was thinking of doing something similar in my garage, except substituting painted 2'x4' panels cut from alum-faced insulation board......it's effective, light weight (so I don't overload my roof trusses), and still allows access to the area above the ceiling. The grids also provide more support so sagging isn't visible compared to a 4x8 sheet of foam attached to the rafters.
The only downside is that it will reflect sound more than the usuall accoustic ceiling panels.