Basketball nets basically come in one of three different varieties: Nylon, Chain, and Cable.

Nylon Nets

Nylon nets are the kind that you see on NBA, college, and high school courts, so if you are going to practice to play on an organized team, this is your best bet for your home basketball hoop.  Nylon nets are easy to install, cheap, and make that classic “swoosh” sound when you make a perfect basket.  The only real down side is their durability, as they can get frayed and unusable a lot sooner than either chain or cable nets.  To get around this problem, your best bet is to get a really high quality heavy duty anti whip basketball net.   These are the same kind used in the NBA, and they are designed to endure a lot more abuse before they get frayed.

Chain Nets

Chain nets are most commonly seen on public courts, where they put a premium on making sure that their nets last a very long time.  A lot of people who grew up playing on public courts with chain nets like these models because of the classic “clinking” sound they make when you make baskets.
While these models last a lot longer than nylon nets, they are somewhat prone to rust, especially if you live in an especially rainy or humid area.  To deal with this issue, you could simply regularly spray the net with some WD-40.  The substance will wick away moisture and help the chain basketball net last longer.

Cable

The latest advancement in basketball net technology is the cable net.  These are made of extremely durable metal cables that are covered in a soft nylon plastic coating.  They look and feel a lot like bike locks that are made of the same material.  While they are a bit stiff and don’t give you that classic basketball net feel, they are the ideal choice if you primarily concerned about durability.  In fact, some institutions choose cable nets because they save a lot of money in the long run.  They also have some cool novelty nets (such as glow in the dark models) that are a lot of fun for kids to play on.