Been there done that with the pinch foam, they will deteriorate over time and it will get really messy and you'll have bits and pieces of foam all over your equipment. Personally, now I just go with the padded dividers. As AJ23 mentioned, the padded dividers allow you to change configurations and customise it to specific needs. I think it will be cheaper in the long run, a little more expensive now, but think of the aggravation you'll save when you aren't picking crap off your equipment.
Have you looked into Stormcases? There is a guy in Adelphi that sells them, i think they are much better and a little cheaper than the Pelicans. I have 5 Stormcases love using them. Another thing the latches aren't the knuckle buster ones that Pelican uses and they are made by Hardigg, the company that makes cases for military applications.
Check their site out
http://stormcase.com/
Just for those who think I am trying to sell the Stormcases, not I'm not. I just want to share my experience from using them.