Got my webhost (GoDaddy) paid for and am setting up my site's database.

I've got experience with oracle and SQL Server (which I do have 2 allowable database). I'm pretty familiar with SQL Server and am contemplating just going with a SQL Server DB for this project, but I've been screwing around with MySQL and had a few questions:

1) What are some general differences/problems I may need to know?
2) What are the benefits/drawbacks of the different storage engines? I have the option for InnoDB, MyISAM, MEMORY, EXAMPLE, ARCHIVE, CSV, FEDERATED, MRG_ISAM