Please please PLEASE don't do barbed wire. I know some folks swear by it, I just will not do it. I don't install it and I wouldn't board where it is installed. (Okay, in an emergency situation, I might for as long as it took to find somewhere else.)
There are so many fencing options out there. It IMO comes down to personal preference, safety, containment, and finances. I'd go with the best I could afford on start up. Maybe a mesh, wooden top rail, and electric combo. Maybe the coated high tensile electric.
The plastic stuff scares me. I've seen it shatter on impact and seriously hurt the horse, and even kill one. I am still looking at the vinyl with the hot wire made into it. But again, it is expensive and not sure how durable it would be. If it grounded out finding the spot would be a fun shore LOL.
With my gelding I need some Fort Knox fencing. We had someone letting horses out last fall in our area, so security is an issue for me. Rascal will run a mesh fence down, without a hit wire, since he thinks the grass is always greener on the other side.
IMO wooden fencing is not a way to go LOL. It's expensive to install and maintain. Not to mention if a horse goes through it, OUCH. I can splinter and impale as easily as anything else. Maintenance on it is a nightmare!! Granted proper installation helps, but like every other type fencing it has issues.
I know, I'm not much help. Fencing is a huge initial investment. I know what I am leaning toward, but it's personal preference. Everything is expensive and I believe in being frugal, okay- I am cheap as hell, but I also believe careful research and planning can eliminate a LOT of long term costs. Also if you are going to be doing most of the work yourself, it helps out a bunch on labor costs.
OH yeah, keep every receipt you get! Those little incidentals add up greatly. You might not think much about a 4.99 box of screws for the barn. Cool right? WRONG. Say you spend just 20$ a week on something you don't claim as an expense on your taxes (easy to do with horses!!) Add that for 52 weeks, it's $1040 a year, doesn't seem like so much does it. Well add that over a 25 year period. In 25 years that could build another barn, fence the entire place again, pay for a couple AWESOME vacations. And if you have children, well google the cost of college and then go pick up all those receipts in the truck floor board.
Mind if I pm you?