Stuart,
There was a thread called "Use of Plug Valves" a few days ago that addressed much of this.
The bottom line is several rules of thumb: (1) if a ball valve will work with your temperatures and fluids, it is generally a good choice for on/off operation; (2) Gate valves have a place, but it is usually in on/off service in steam operations where you aren't looking for bubble-tight seals; (3) try not to put an on/off valve design where you will want to throttle; and (4) throttle valves come in a multitude of designs and you will want to take a large dose of cavet emptor before believing valve salesmen (one size really does not fit all). Globe valves have a long history and a definite place, vee-balls are good in moderate temps, diaphram valves have good linearity, etc.
I don't use many butterfly valves any more because I've had a few really bad experiences of trying to dig a broken disk out of piping, but many people have had very good luck with them in a lot of different service. The valve manufacturers claim decent throttlng characteristics, but my experience has been that they pass a lot of flow very early in the valve travel.
Finally, no one in that thread (and no one I've talked to elsewhere) would purposely install a plug valve in any service.
Hope this helps.
David