Yes. The corners are the most efficient place.
As for when you might not want as much as possible below 300Hz, how about a room that has been done with Linacoustic or 703 along the entire permiter of the room up to ear level and batting above? In that case, SOFT absorbtion in all the remaining corners floor to ceiling MIGHT yield too much absorbtion ABOVE 300Hz where something like a panel trap would not. Like I said, without knowing specifically about the room, it's issues, surfaces, furnishings, usage, etc., it's hard to always say 'use as much as you can.'
For the poster, as I said previously, doing the 4 tri-corners (where the both walls and the ceiling meet), is likely not going to be too much but it WILL also absorb other frequencies rather than just bass. If you don't have a lot of other absorbtion in the room, it's not likely going to be a problem.
However, with a 12x12x8 room, there will be a lot of very strong overalp at certain frequencies as Ethan alluded to. In order to really tame those without overdoing other frequencies, soft absorbtion might not be the best overall answer for ALL of your bass trapping needs.