At our barn, we have no-climb (similar to diamond mesh), with a single board at the top, and a strand of electric. The posts are driven directly into the ground (no cement).
I've been at boarding stables with many different types of fencing, including PVC, polyethylene tape, electric tape, electric rope, three rail, and no climb. No climb has been, by far, the best fencing, in my experience. The horses can't get their legs through it. Miniatures and foals can't climb through it. And it's very low maintenance.
Wood rail fencing constantly needs repainted, or boards need replaced. Smaller horses may also climb through the rails if they're spaced too far, or if one breaks.
The polyethylene tape is pretty, and relatively low maintenance because it doesn't need to be painted. However, it gives and is not electrified, so smaller horses climb through the bottom. It also cracks and falls apart with age.
PVC may be lower maintenance than wood, but it is relatively fragile, especially as it ages, and when it breaks, it breaks into sharp pieces.
I like electric rope and tape. They are effective, so long as the electricity is working. I've been at some stables where one or two strands lose their juice and a horse gets wise to it and climbs out. Most horses will respect them though, on or off.
It's a good idea, no matter what kind of fencing you have, to run one strand of electric along the top. This will keep horses from leaning on the fence, and keep cribbers from cribbing on it. This will extend the life of your fence. It will also keep horses in neighboring paddocks from fighting over the fence.