Whey Isolate
Pros
90-98% protein
Less milk sugars
Less fat
Cons
Price
Loses some nutrients during filtration
Whey Concentrate
Pros
Price
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Good concentrates contain far higher levels of growth factors, such as IGF-1, TGF-ß1, and TGF-ß2. They contain much higher levels of various phospho lipids, and various bio active lipids, such as Conjugated Linoleic Acid (CLA), and they often contain higher levels of immunoglobins and lactoferrin.
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Cons
70-85% protein
More milk sugars
More fat
Types of isolates:
Ion exchange - is typically the cheapest form of isolate. It is made using hydrochloric acid and sodium hydroxide. It will have less fat and sugar than the other isolates, but a larger portion of the amino acids will become denatured.
Microfiltration - the protein travels through ceramic filters. Fats and sugars are filtered out based on molecular size. This protein is not as concentrated as the ion exchange, but it does not become denatured in the process.
Hydrolyzed - is a whey isolate that has been "pre-digested". Some of the amino acid peptide bonds are broken into shorter chains and allow for better digestion. This makes the protein taste bitter, and although many companies claim to include hydrolyzed whey in their products, they likely don't use much because of cost and taste.
Summary
The main benefits of isolates seem to be the lack of milk sugars and fats. Per gram, isolates will contain more protein. If sugar and fat content are not an issue, then concentrates are the best source of whey for the money. Because of the filtration, more nutrients remain intact than in an isolate. A slightly larger quantity might be needed in order to meet protein requirements, but the cost will offset this for most people.
Sources:
http://www.bodybuildingforyou.com/pr...oncentrate.htm
http://ezinearticles.com/?Muscle-Bui...rate&id=594527
http://www.extremenutrition.co.uk/ne...icles/whey.php
http://www.bodybuildingforyou.com/pr...processing.htm
http://www.bodybuildingforyou.com/pr...ocessing-2.htm