Although I've never used it, this is what I am told.
Phenolic:
Strong, yet cracks easily since it is very brittle. It's still liable to cracking even with glassing - but it's your best choice of material for MMT tubing for most HPR motors up to L or M.
Phlexible Phenolic:
Not as brittle as regular phenolic because it is half paper tube, half phenolic, in essence. The layers are alternated as the tube is laid up.
HTH,
Jason