I've been sort of puzzling over the same thing... We have essentially an 8' high basement foundation, measured from the slab to the top edge, so not including any footings... It is made of 10" poured concrete, with about 4' below grade, and 4' above grade, so I'm not at all sure what the right way to insulate it thoroughly is.
Currently most of the space has (I think) 2x4 studs fastened to the concrete w/ fiberglass batts between them, and individual board panelling over them. The furnace / utility room has bare concrete walls, and one of the other rooms appears to have sheetrock under the panelling. The basement is ALWAYS cold, especially in the winter, and while I'm not certain that I have punched the right numbers into my heat-load calculations, it appears the basement accounts for almost 1/2 the heat loss in the house....
Incidentally, I think a large part of the reason the basement only goes down that far is that the water table appears to be at or slightly above the level of the slab during the spring thaw or other very wet times of year.
As best I can tell from looking at the Building Science website, it appears that what they suggest for that sort of setup is to use two different sorts of foam, a vapor permeable foam below the grade line, and a non-permeable one above. The idea is apparently that the below ground part of the wall should always be considered "wet" so you want a permeable insulation below grade so the wall can dry to the inside, as that is the only available path for it to do so. On the above grade parts, you want a non-permeable insulation to keep interior vapor from penetrating the wall and condensing inside it, and moisture in the concrete isn't an issue as it can dry to the exterior...
Another aspect that isn't as clear is whether or not there would be an advantage to applying some sort of insulation to the EXTERIOR part of the above ground walls - theory being that it would help to prevent the cold from getting into the concrete in the first place, which would bring the wall temperature closer to below grade level, and lower the need for as much interior insulation... Downside of that seems to be protecting the foam, and the potential for the foam being used by insect pests as an invasion path.
Gooserider