Rob, for your purposes of storing gear in your office, a Pelican, or similar, hard case is a fine solution.
To your questions about foam vs padded dividers, you are right that the foam will afford greater shock protection but the dividers are reconfigurable and may allow more gear to fit. I went with a couple of cases and did the pick n pluck foam, which is a great customizable solution and looks great. No worries about degradation of the foam, I have used this type of foam for many years and it still holds up well. I think there are lesser foams that contain a latex content that will crumble over time, but this ain't that.
I am shopping for another case for my 645 rig and may go with padded dividers just to mix it up a bit, but really find the foam to work well.
Here are some pics
I take these in the field if I need to padlock my gear to a pole or table to use as a central base when walking around an event, for example. I also bring it to the beach when there is a definite possibility of getting drenched. The rubber o ring really works if the case is pummeled by waves. For just regular hiking, this would not be a good solution for my, in which case I use any combination of sling bags, a vest, lowepro belt system, shoulder bag, etc...