here goes. This is long and relatively in depth, so any clarifications, please ask.
There are two types of valves used in scuba. One is downstream, the other is, you guessed it, upstream
Downstream valves are held closed by a spring that counteracts pressure from the opposite side. In this case the air pressure from the first stage *intermediate pressure* is pushing one way, and a spring is pushing against it. The spring pressure is greater than the air pressure under normal circumstances so it doesn't freeflow. When you inhale, you create a vacuum inside of the body of the regulator and a flexible diaphragm presses on a lever. This lever backs the spring off of the seat and allows air to flow into the chamber.
As long as you are creating a slight vacuum inside of the case that causes the lever to remain depressed, it will flow air.
In the event of a first stage failure, the pressure coming out of the first stage will increase. When the pressure of the air exceeds the pressure of the spring, the second stage will freeflow.
This is the most common type of regulator design used today as it is very simple to produce and incredibly reliable
Upstream valves are closed by the pressure of air behind them and require a certain amount of pressure to stay seated. What you create the vacuum inside of the chamber, there are two ways to release the pressure. The simple way is to have that lever push against the incoming air pressure and allow it to flow through. This type of valve is not really used in SCUBA though is used in some solenoid designs for rebreathers. The downside of this is that you are breathing against the air pressure that is keeping the valve closed and as that IP increases, the work of breathing increases.
The complicated but fancy and brilliant way is to use a servo valve that is really tiny which releases pressure behind the seat and allows the air to flow through. The Poseidon Jetstream and Xstream use this design principal and while it is unique, it is also incredibly simple with almost no moving parts and breathes incredibly well. These regulators have an overpressure relief valve built into the first stage that will bleed off excess IP in the event of a first stage failure so you can breathe off of the regulators normally. Since the OPV can't induce a freeflow, it will blow off less gas than a normal downstream second stage that may have a runaway freeflow in the event of IP creep.
In the downstream valves, there are balanced and unbalanced regulators. Traditional unbalanced regs are very simple, very reliable, and breathe very well so long as they are tuned specifically to the first stage that they are being paired with and they don't really deal well with changes in intermediate pressure. One way to make the work of breathing easier is to allow the intermediate pressure to go to both sides of the seat and use a very light spring to set the cracking pressure. Under normal operating conditions, in a pure balanced first stage *IP does not change at all*, then you should not be able to tell a difference between the two. Unfortunately first stages are not perfectly balanced and they do not perfectly maintain IP throughout use as the seats take a set etc. The balanced second stage will typically maintain breathing performance under changes in IP that would either cause an unbalanced second stage to freeflow or start to breathe a bit stiff.
Orientation for breathing performance: when you are in a "normal" diving position, the inhalation diaphragm of the regulator is facing downwards. Air wants to rise when in the water and this naturally helps to assist you in breathing. You have noticed this if you ever place a regulator in the water with the mouthpiece up and it induces a freeflow. You can also loosen your lips around the mouthpiece and it will start to flow. When you rotate and the diaphragm is vertical in the water column, this "assist" isn't really present and gets worse when you roll on your back since you are now sucking down against the diaphragm. This is something that is present in all regulators though some are more sensitive than others.
In terms of regulators on the market now. I dive Poseidon Jetstreams and believe that they are the best regulators on the market for me. I enjoy the way they breathe, many do not. They are not difficult or expensive to service, and Poseidon teaches a course to allow you service them yourself as well as purchase parts directly from Poseidon. They are not cheap, but they are truly incredible pieces of engineering. The Xstream is one of the smallest yet highest performance regulators on the market and has been certified for 200m depth by Norsok for commercial diving in stupid cold water.
DGX Custom - Poseidon Jetstream Single Tank Reg Package
DGX Custom - Poseidon Xstream Single Tank Reg Package
In terms of a more "normal" regulator that you will look and behave normally, the Deep6 regulators are truly hard to beat. Bit less than $600 out the door for a full regulator set that is ready to dive. First set of parts kits are included for free, first service is free *less the cost to ship back to Georgia*, and they will have a class coming out soon for you to learn to service them yourself if you are into that.
Deep 6 Signature Single Tank Regulator Package - Regulator Packages - Regulators
I would recommend that if purchasing two sets of regulators, that one of them be a doubles regulator package. This will give you a spare first stage which is convenient for use if you progress into technical diving, choose to use a pony, or the real convenient bit is that if you have one of the first stage failures as mentioned above, you have a spare. In less than 5 mins you can have the hoses swapped over and not miss a dive or have to rent regulators.
Deep 6 Signature Double Tank Regulator Package - Regulator Packages - Regulators
One incredibly important piece of equipment that every diver needs to own and know how to use is an IP gauge since that is what can predict first stage problems and ultimate failure. Only real way to tell that something is wrong or about to go wrong unless it is leaking. They are available from DGX and I uploaded a video to youtube a few weeks ago on how to use them
Come on @tbone1004 , this extremely long winded attempt to explain the difference is nothing more than a prelude to a plug for your own peculiar preference and bias in regulators and doesn't address what OP wants to know or actually needs. It is all skewed to drive the reader to just buy into the regulators and specific set ups you want.