The acoustic insulation is pretty much useless, we used it for our basement reno and I can hardly tell it's there.. Though I pretty much expected that from the research I did.
However that's from a home theater point of view, if this is an exercise room then the range of frequencies you want to mask is probably much less, so not sure how well the acoustic insulation would do.
The one option I found that I really wanted to do was Green Glue:
http://www.greenglue.ca
Basically this involves 2 layers of drywall with this in between, and from what I've read the results are quite impressive.
In my case the area was so big (800 square feet of basement) the cost was too much.. but for a smaller room it might be worth the cost.