Here's how it should look, from Green Building Talk,

To my mind, proper function and installation is aesthetic.

Worthy, thank you. In your photo, the 'bead' is fairly uniform; that's more what I was expecting. Does it matter that there is a shiny mylar-like foil surface facing into the basement on mine?

maybe foil faced xps or polyiso?

http://c.ymcdn.com/sites/www.polyiso.org/resource/resmgr/Technical_Bulletins/PB_PIMA_PerformanceBulletin_.pdf

Building Science Corp. recommends a vapour semi-permeable or vapour semi-impermeable insulation in the rim. I can't find a definitive answer on whether a foam board covered with impermeable foil would be acceptable. See BSC 511, figure 2. I would prefer an insulation that permits temperature-driven vapour movement (warm to cold) to not be completely blocked in the summer.

If they are using foam cans it isnt going to look as nice as what you see on tv with the spray guns. In any case, make sure they seal between the sill plate and the concrete also and not just the rim joist. The sill plate can allow large drafts if not sealed. With your reasonable cost they gave you, they are probably using cans, if you wanted them to get a spray foam contractor with a gun or get a spray gun kit the cost would be more. Are you going to be seeing this daily or are you finishing the basement? If you wont be seeing it, this should be a non-issue.