Roger,
As Paul suggested above, QuietBrace is a good alternative to Homasote. I had always used Homasote, but could not find it in my area (Menard's had not opened yet) so I started using QB from Home Depot. I, as many others in this forum who have used it, really like QB. It actually is a sound insulation product (whereas the pink and blue insulation panels are not, as mentioned above), it holds screws and nails well, and it is less than half the cost of Homasote.
The only drawback, depending on who you ask, is the QB black coating. Some paint over it, and I did the same but soon realized that it was not necessary since most of the surface ends up being covered anyway with grass, stones, ballast, buildings, roads, etc.
I cut the QB the same way I used to cut the Homasote - with a knife. I Also used a knife-edge blade on my jig saw for cutting curves and angle cuts, as to simulate roadbed.
If you follow the link to My Layout Under Construction thread, below, you can see several pictures of the QB on the second page of the thread.
Good luck!
Alex