Speed cloth otherwise known as worsted cloth is a mixture of wool and nylon and has a flat, napless, surface. It is fast, durable, doesn't need ironing and can stand more abuse than wool. i.e it doesn't tear as easily which may be a factor in your choice if children are to use the table. Makes of Speedcloth available: Eurospeed, Hainsworth Elite Pro, Strachen Superpro and Strachan 861.
Wool cloth has a nap. If you run your hand gently from the baulk end of the table towards the top, the cloth will feel smooth, if you go the other way it will feel slightly rougher, you are moving with and against the nap. It is the type of cloth used on snooker tables but is used on British style pool tables too. Makes of wool available: Strachan 777, 6811 Pool, 6811 Tournament, Superfine and Hainsworth Club and Smart.