Foam is a good medium for armor, but trying to harden it enough for weapons is kinda difficult. I am more a sliced sintra kind of guy when it comes to weapons. You can keep the details and make your own holes inside for electronics and such. Not to mention, a little bondo on the outside and you can't even tell it is sliced.
You can also throw in some details that aren't normally apparent to pepakura weapons. A couple of magnets and you can make a magazine that seats perfectly and can be removed. A hollow interior is perfect for taking the guys out of a toy laser pistol and installing the trigger and a speaker to make lights and sounds. You can even use a magnet to hold the battery cover on so you can replace them.
On something like the spartan laser (a possible future project of mine), you can make the forward part magnetic to open and close, if you wanted to. A two-part sliced Magnum could have a spring so you can actually pull the action back to "chamber a round." If you make a needler, you can make it hollow and make the needles out of acrylic, then add a light and a magnet to hold them in and you have a lit needler.