A bandsaw is a great tool for precision foam cutting. As with most upholstery cutting operations operator skill is the biggest factor. It you have access to a bandsaw, experiment and see if it meets your needs. If money is no object, you could go the CNC Foam Cutting, Hot Wire, Table Router route.
@Lee Bunce I did a review on one of the cheaper foam saws from sailrite. I just updated it. The saw is okay but the motor has held up to my abuse the last 3 years.