Hydrogen (LH2) provides the most energy per unit mass, but is much bulkier (less dense) than other fuels so it requires a larger, heavier tank. Liquid hydrogen (which is the only practical way to store it) is extremely cold, colder than liquid oxygen (20K vs. 90K) so there are plenty of cryogenics issues assosciated with storing and pumping it.<br /><br />Kerosene (RP1) does not provide as much energy per unit mass but is a much friendlier substance to store and pump, requiring smaller tanks and less complicated support equipment.<br /><br />These characteristics generally tend to favour LH2 for upper stages and RP1 for first stages but as the guys above me (who really know what they're talking about because they actually WORK in the business <img src="/images/icons/wink.gif" />) have said what actually ends up being used depends on a number of features - what engines do you have available, how much funding do you have for ground support equipment and personnel, what reliability do you require, how quickly must the vehicle be ready for launch etc etc.<br /><br />A third choice is of course hypergolic propellants. These tend to be really nasty and toxic, and give performance comparable to or worse than LOX/RP1, but the equipment is quite simple AND the propellants can be stored in the vehicle for very rapid launch readiness. <br /><br />Ideal for missiles, ideal when it HAS to work (Apollo LM and SPS engines)... not necessarily the best choice for a commercial launch vehicle. Though as demonstrated by Titan it can be done - and perhaps this example shows that the choice is probably determined by what's available and known to work, more than a lot of other factors.