Don't pick based on material.
I have both horsehide and cowhide holsters. My experience with them is as follows.
1. Horsehide is denser than cowhide, and thus absorbs moisture less.
2. Horsehide is more difficult to work with, so most holsters made with it are less fully "boned" (molded to the contours of the gun).
3. Horsehide is not really more expensive than cowhide, but the difficulty of working with it will often cause the price to be a little higher.
4. Cowhide takes coloring better -- thus if you want anything other than a natural finish or black, stick to cowhide.
The following is the position of Mitch Rosen Holsters on the subject --
There is absolutley no advantage to horsehide as a material for high-quality holster manufacture. All of our standard products are constructed of best quality cowhide. However, we do keep some horsehide in stock for those who have been successfully advertised to.
While I think this is a little too strong, I generally agree with it. However, I have one holster, an IWB that is made with horsehide on the inside, next to the body, and cowhide on the outside, for a nicely boned fit, that I really like -- I can wear this in the hottest Texas weather and know that I won't sweat through the horsehide.
My opinion -- Absolutely fabulous holsters that will last nearly forever can be made out of either material -- so do not make a choice based on the material but rather the workmanship, fit, finish, and design of the hoster.