rigid foam board in basement with exterior guard overkill?
The 'Mike Holmes' way is also the Building Science Corporation's recommendation--though they don't recommend any formal vapor barrier--just XPS and tape. The idea is that XPS is a vapor retarder, but can ultimately dry one way or the other if it ever has to.

That said, if you are absolutely 100% sure your basement will be forever dry, it probably doesn't matter what method you go for. You do have a strong advantage by having exterior waterproofing. 

Regardless, I wouldn't use wood in the basement (treated or otherwise) and instead go with metal studs. They're just so much easier to work with. I outline my other reasons for that here: https://diy.stackexchange.com/a/8644/1209