The aircraft beads are like tiny ceramic balloons. When they are mixed with the paint they offer insulation due to the trapped air in the balloons. It works along the same principal as a storm window. The air trapped between the storm window and the casement window insulates.
There was a good discussion of this on the HAMB and test results posted by 63ChevyII starting on page 5 of this thread.
http://www.jalopyjournal.com/forum/showthread.php?t=51399&highlight=home+depot+insulation&page=5
He did testing with a digital thermometer for the homemade lizzard skin, peel and seal, reflectix and combinations of the materials. He just used latex paint from the Home Depot oops pile so very cheap. I used the elastomeric paint because it is kind of rubbery when dry so should offer some sound/rattle insulation. At least that is my theory and I'm sticking to it.
--WARNING-- if you make your own lizzard skin, be sure to wear a respirator or at least a dust mask when you work with the micro beads mixing them in the paint. Even when you open the box for the first time. These are so small and light weight that they scatter very easily and you do not want them in your lungs!!!!!!! Being a ceramic like material once in your lungs they are going to stay there and will not decompose.
--WARNING--