I use the one that has the specific colors a I want to use. Other than that the differences are minor. Ultracote shrinks more, but is a tad heavier than monokote per sq ft. Monokote uses high temps and is more graphic friendly. Monokote yields it's self better to Solid sheeted surfaces (out gasses less and weighs less) Ultrakote better at open airframes or wings (Stretchy and shrinks more) Either is good so long as you know how to work with the stuff. Novices in film would do best using Ultracote while for those with plenty of experience it really does not matter.
I just wish that either one of these companies would provide a sampler or swatch pack so I could see and compare all the colors against each other rather than having to buy entire rolls of the stuff on a guess. Note: Monokote gold is rather transparent, it shows through the base quite readily. Found this out the hard way after buying a roll of the stuff, would have been avoided has a sample pack been available. Not that the gold was bad, just had to avoid using it as a boundary color or over a non unifor color base.