I'm always accepting the shipping deliveries when they come to my work. So I've seen all kinds of outrageous ways to pack things. My favorites are the foam-filled corners, the shredded corrugated cardboard, and regular plastic shopping bags.
Peanuts are messy, bubblewrap really isn't very protective at all, and paper products crunch and stay crunched.
Foam-filled corners expand to assure an absolutely snug fit, and can crunch and compress without inflicting damage. Some companies like to use two large bags and fill them around the entire product. While it definitely creates slashing and puncturing protection, it doesn't let the product take heavy bumps. The best protection for an item is a very bouncy, suspended packaging. If the box takes a hit, the product should be able to softly shift inside the box. Dense packaging or large-surface-area packaging spreads the impact shock across the foam's entire body and transfers that shock to your product, instead of letting a smaller corner of foam to crunch and absorb the force.
That's also why I like plastic grocery bags. If they get squished or compressed, they expand back out in a few seconds. Bubblewrap pops and loses protective properties. Paper creases and stays crunched. Those larger air-filled plastic pouches aren't compressive at all. Those are the worst. They're fine for filling volume. But plastic bags, no matter how hard you flatten them, as soon as the force is gone they expand again. Very compressive, still good puncture resistance.
Kinda matches my arguments against foam-bodied shockmount racks, and for rubber-grommet shockmount racks. Lets the internal frame shift and bounce, whereas foam shockmounting is very stiff and harder. Don't believe me? Go squeeze the foam-lined shockrack and see how much you can move the internal frame, as opposed to squeezing the rubber-grommet shockrack. The rubber grommets have some give and movement. Far better for really harsh impacts and drops.