We have a combination of types.
Our large summer pastures are electric, as its the cheapest type to cover such a large area.
We have 4 turnout paddocks that are visible from the road past our place, only because I like the look of it, those are wood. We treat all our boards w stain, its time consuming, but stand up to the elements much better, and look quite lovely I must say.
Our turnout paddocks by our barn area are all metal panel fencing...I love this option as its sturdy, looks good, and I can change the configuration of my paddocks if I desire....which is an awesome option.
Horses are like chips...you can never just have one