For all my HO layouts (five of them) I always had plywood, Homasote, cork roadbed, and then the track. Now for O-Gauge using Atlas track, it is plywood, QuietBrace, and the track. I bought two boxes of the Woodland Scenic 24-ft flex track-bed, and after staging it to see how it would look, I decided that it wouldn't be worth the trouble - not for over 900 feet of track anyway.
In retrospect, I am glad I did not use any trackbed, at least with the Atlas track. After ballasting (yes; most definitely glued down *), I believe it looks just right. And when it comes to making grade crossings, it is easier to do with just the track as we normally don't have a lot of room, and the lower track keeps the road angle up to the track not too unrealistic.
* Glued ballast? It really never occurred to me not to glue it down, whether formerly in HO or now in O-Gauge. I do a lot of fiddling around on my layout, and suspect I would be scattering the ballast frequently. ALSO, I have noticed many of my guests touch the ballast to see if it is glued. I guess since it looks as though it were loose, they want to confirm one way or another. Occasionally, they also very carefully touch some of the other ground cover and small rocks, but the ballast appears to be the biggest 'I must touch it' temptation.
Alex