What's the best PHP version to use if your host offers too many choices to decide :) ? I already ran into an issue with a plugin not coded for 5.2, see http://wordpress.org/tags/_dir_
Here's what my web host offers, via a choice in cPanel. Standard LAMP stack.
// PHP Version 5.2.17
// PHP Version 5.3.24
// PHP Version 5.4.14
// PHP Version 5.5.0beta3
I'm thinking 5.4. Any known issues in the WP ecosystem?