MyISAM InnoDB
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Required full-text search Yes 5.6.4
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Require transactions Yes
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Frequent select queries Yes
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Frequent insert, update, delete Yes
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Row locking (multi processing on single table) Yes
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Relational base design Yes
To summarize:
Frequent reading, almost no writing => MyISAM
Full-text search in MySQL <= 5.5 => MyISAM
In all other circumstances, InnoDB is usually the best way to go.