Why am i not surprised that this thread demonstrates some misunderstanding about spark plugs? It's clear that a few of the folks leading the discussion know enough to be dangerous. Sometimes those who speak the loudest, know the least but continue to speak loudly because....they have an audience.
Conversely, it's also clear that some contributors to this thread speak from knowledge and experience in a credible manner.
Early-on, it was implied by "Vettehead Mikey," that iridium-tipped spark plugs are hype.
Mikey, Mikey, you've been hit in the head one too many times by those hockey pucks.
There is ample scientific evidence that iridium-tipped spark plugs offer some useful performance and durability enhancements. One of the better objective documents establishing the credibility of iridium as a material for use in spark plugs is an SAE Technical Paper presented by some engineers from Denso back in 1999. I can't repost the paper here for obvious copyright reasons but I have a copy and the evidence is convincing. There a fair amount of chassis dyno data in various places on the Internet which seems to indicate in some cases performance increases are possible from iridium plugs.
There is empirical evidence that iridium plugs offer slightly increased performance and useful durability increases over plugs made with more common materials. The statement was made that "high-end cars" use iridium plugs. That is true, however, reality is that both low-end and high-end cars use them. Some of the least expensive and the most expensive products in General Motors lines use iridium-tipped plugs. Secondly, the switch by O.E.s to iridium is happening not just at GM. Many car companies use them. The less-informed might jump to the conclusion that wide-spread adoption of iridium-tipped plugs by O.Es is hype but, alas, that couldn't be farther from the truth. It is true that in the consumer/retail aftermarket there is a lot of hype about some types of spark plugs. With O.E.s, remember that one of their key goals is to control and/or reduce costs and because of that, the idea that car companies use iridium plugs as original equipment due to some marketing hype is ridiculous. Car companies want to offer good durability and adequate performance for the least possible cost. Iridium- and platinum-tipped plugs cost more than plugs made without those metals thus car companies would not be using them if they had no advantages over "standard" plugs. Believe me, O.E.s test this stuff until their blue-in-the-face. They wouldn't put iridium-tipped plugs in engines if there wasn't a practical advantage in using them.
An engine builder's comments implied that spark plugs are a commodity and spending more than a buck-fifty each is frivolous. Well...there is some truth there, but remember if you base your spark plug opinions solely on engines on dynos, you're actually not subjecting a plug to a very good test, especially if the engine is a streeter or a mild racing engine. Wide-open throttle at air-fuel ratios which provide the best power is actually pretty easy duty for a spark plug. The ignition demands are often low, there's no tip-in or other transitional throttle opening issues which spike ignition demand way up and no durability to speak of is required. In operating conditions such as that, a three buck plug of the correct head range and gap probably works very well and a whiz-bang iridium-tipped unit may offer little practical improvement.
But...let's consider a modified, street high-performance engine owned by someone who wants spark plugs to last 25-35,000 miles. Let's throw-in a requirement for excellent drivability with the lean, part-throttle, air-fuel ratios modern engines use. Also, let's figure the engine's not quite tuned right, maybe running a calibration that's a tad lean. Suddenly, we're asking a lot from spark plugs. Throttle response, even in near-lean-sag, tip-in situations is a huge customer concern with newer cars. Car company engineers want to make the highest spark energy possible available at the center electrode tip but they want to do it with the least overall cost for the ignition system. You start considering all this "stuff" and iridium-tipped plugs start to look pretty darn good.
You want spark plug hype?
Forked side electrodes are a big one. The "SplitFire" is made by a major spark plug manufacturer for a company which does nothing but market products buit by others. It's nothing more than a standard spark plug which gets one extra step near the end of the manufacturing process: the ground electrode is split. How about the Bosch Platinum Plus 4 or any of the multi-electrode plugs, for that matter? In the vast majority of applcations the usefulness of plugs with more than one ground electrode is more of that hype. In fact, the Plus 4 might actually be costing performance rather than enhancing it. In the end, the only goal of a spark plug is to ignite the air-fuel mixture and anything that impedes that process is a negative for performance. Anything which makes the spark more accessible to the air-fuel mix enhances the ignition process. Why do racers cut side electrodes back or file them to a point? Why do racers "index" spark plugs? To expose more of the spark to the mixture. When you add side electrodes, such as Bosch does with its Plus 2 and Plus 4 products, you obstruct the path of the air-fuel mix to the spark. Not the right thing to do. Well....duh. Bottom line: you want marketing flimflam? Buy the Bosch Platinum Plus-4 spark plug.
Lastly, let's talk about some advantages of iridium as a spark plug material. First, iridium-tipped plugs with very fine wire center electrodes, such as the Denso "Iridium Power", require less voltage to fire the plug, sometimes as much as 20% less. In some cases this is no big deal but in others, like trying to use nitrous oxide or a supercharger with a stock ignition, maybe it is. Iridium has a higher melting point than platinum and a much higher melting point that the nickel alloys used in traditional spark plugs. This is a durability advantage because iridium-tipped plugs will resist wear better than do standard plugs and even better than platinum-tipped plugs.
So, how can you justify a $12 plug when a $3 will make the engine run ok. Well, the $3 plug may run well in a high-performance, aggressively-driven engine for 12,000 miles but an iridium plug might run well for 50,000-60,000 miles. You do the math. On this durability thing, there are some O.E. Densos in Lexus and Toyota vehicles which have a 0.7mm iridium tip and a platinum ground electrode, a combination that results in some stunning durability--up to 140,000 miles. Denso's performance aftermarket plug is called "Iridium Power" and uses a 0.4mm iridium tip, the smallest in the industry, and a nickel alloy side electrode. The Iridium Power plugs won't go as long as those double-iridium-tipped OE plugs but their durability is going to equal or exceed any of the platinum tipped plugs on the market and they require less voltage to fire compared to plats.
Oh yeah...the original question posed by this thread: what is my favorite plug?
The Denso Iridium Power. I have them in all my vehicles, 65 Malibu, 71 C3, 95 C4, 99 Blazer, 01 Camaro and 04 C5. I use the ITF20 in the Malibu and the C3. I use the IT22 in the C4 and IT20s in the Blazer, Camaro and the C5. Secondary favorites are the *original* AC Rapidfire (the non-platinum unit with the fluted center electrode) and, if I'm going to use a conventional plug the NGK BPR6FS for iron heads and the BPR6EFS for taper-seat aluminum heads, except the LT5.