The racers love the wood ones, but I have heard of long term durability issues with fuel getting into the wood and breaking it down. Not a problem for the weekend racer but not something to try on a daily driver.
Metal is the worst, sucks the heat right into the carb. But will last forever.
Plastic is a better insulator then metal and lasts too. So plastic is the best choice of materials. Plastic is sometime phenolic (fibers and reson) or just a straight plastic. I prefer the phenolic.
Open spacers (single hole) match up with open plenum race intakes. This increases plenum volume. Helps with top end performance.
4 hole spacers add runner length to the intake, which helps low end.
With the above information, the best spacer to use in 95% of street and trail applications is a 4 hole plastic spacer.