If you want to have sand sifting fish in your tank, or (like the webstie says) any sort of rays, your going to probably want the oolitic. Only downside really is that it can get stirred up a bit more easily, and thus into power filters, powerheads, and other mechanical equipment in the tank, more easily.
I have regular grade reef sand in my tank, and I really like it. It's just not ideal for sandsifters.
Otherwise, to the best of my knowledge, it's all a matter of preference.
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