Walls and Ceilings - exposed joists and soundproofing

I've exposed the joists of an apartment and would like to keep them exposed and yet have some measure of sound proofing.

The joists are 10" deep (from the bottom of the subfloor above to the end of joist). The long way would be to roll soundproof insulation (3"); putting in furring strips on the side of the joists and screw in a piece of drywall. I would lose 4" but it would look great.

It would also be very time-consuming.

I'm thinking about adhering a piece of 2" homasote to the subfloor and painting the exposed site (or skimcoating and painting).

You should also look into a product called Green Glue (http://www.greengluecompany.com). It will actually absorb that noise. You would apply to the drywall or other rigid material then screw it into the joists and into the subfloor. You can increase the effectiveness by adding another layer. You can visit my blog and do a search for Green Glue, to see some of the real life applications of the product ( http://www.soundproofingwithdave.com ) another source of information is the AVS Forum, where the product is used in home theaters.

This would be a lot easier than installing the rolled soundproofing and flurring strips