I like the high speed steel ones because I don't think they break or chip as easy as the carbon steel. I know they're not the best but, for around the home shop they should last a long time.
Tap Material
High Speed Steel
Most common tap material. Well suited for a variety of applications.
Vanadium Steel
Superior performance compared to high-speed steel taps. Great for materials up to Rockwell hardness C30. Available with a wide variety of coatings. Great for alloy steels, stainless steels, malleable irons, hard plastics, fiberglass, and aluminum.
Cobalt Steel
Harder, more abrasion resistant, longer wearing, and superior in overall performance to high-speed steel taps. Excellent for materials up to Rockwell hardness C32, such as alloy steels, tool steels, malleable iron, aluminum, brass, copper, and zinc.
Cobalt Vanadium Steel
Vanadium and cobalt provide highest level of performance. For materials between Rockwell hardness C30 and C40. Use on hardened steels, stainless steels, mold and tool steels, and nickel alloys.
Carbide
Outlasts other taps, especially on highly abrasive materials such as cast iron and aluminum. Excellent for cast brass, cobalt chrome alloys, copper and copper alloys, fiberglass, and soft plastics.
Carbon Steel
Lowest initial cost, but not as accurate and do not last as long as high-speed steel taps.