It Depends.
Yep, that's my favorite answer nowadays.
I'm with the majority here, I think: 230gr is what I carry generally, though I sometimes carry the lighter hollowpoints.
230 is what was designed hand in hand with the Colt M1911. Guess what? Optimum reliability. Also, not a bad combat round, as handguns go.
I do shoot lighter wadcutters when I'm just playing at the range - not because I like them better, but as pointed out, they're cheaper, at least if you're buying cast lead. They also shoot very well in my .45 autos AND in my .45 revolvers.
Nothing magic about the 230, but it's sort of the standard - and with good reason. It works.