Cut and paste from my course outline.Film Selection
The most often asked question in all of photography is What film should I use? The answer is simple. 1) I dont know what film you should use. 2) Use whatever film works best for what you want to shoot and 3) it depends.
The two film types for most consumers are print film (C-41 processing or negative film) and slide film (usually E-6 processing, positive or transparencies).
Print film provides the widest exposure latitude when it comes to processing. If your shot was a little underexposed or overexposed, it can be adjusted during the print processing, as can the color. Of course, the problem is that the pimply faced 16 year old kid at Walmart really doesnt care or doesnt have time or doesnt know how to make the correct adjustments. At least you can make them do it over until they get it right. Kodak offers a service called Sea Processing done by Dale Laboratories in Florida. Images are adjusted using proprietary software that provides a more accurate underwater color rendition.
If you are using a point and shoot type camera, I absolutely recommend print film because of this exposure latitude. Since, you cannot control the exposure through camera settings, this becomes your only way to adjust the quality of your image.
Each camera manufacturer will recommend a couple of different speed films. The best color saturation comes from slower film like ISO 100, but in low light or murkier water conditions, ISO 400 will give you better results at the expense of increased grain. A good compromise is ISO 200. If you insist on not using a strobe, ISO 400 is your only choice.
Slide film is more of a what you shoot is what you get type. Once the film passes through the chemicals, you are done. There is no post processing adjustment available. The benefit is incredible color saturation and contrast. When viewed on light table, the image jumps out at you. The other downside is seeing and sharing the slides. Its much easier to hand a stack of prints to your friends than carrying around a projector.
Sea & Sea, Nikonos and housed SLR shooters will use whatever their preference is. I prefer the startling results of slides, even though most get tossed. My preferred film is either Fuji Velvia ISO 50 or Kodak E100VS (as in very saturated). These films are known for their incredible color saturation, which works well underwater. Velvia is often derided as Disneychrome. It doesnt work well top side for people. It gives them a kind of sunburn look. I carry a lot of light with me, too, so I can handle the slower films.
Finally, if you are wanting prints, print film is the best choice. Printing from slides requires an additional step and is definitely more costly.
Did I mention Kodak versus Fuji? Well, you have Fuji people and you have Kodak people. You have Ford people and you have Chevy people. Some believe Kodak print film is better and Fuji slide film is better. Pick your own side.
Film that I have personally used and like are Kodak Royal Gold (not plain Gold), Kodak Supra (my favorite print film and cheap to boot), Fuji Sensia, ProviaF, Velvia and Kodak E100VS. Experiment and decide yourself.