With pdflatex still use latin modern fonts (package lmodern) or the cm-super (needs a lot of memory). There is no need to use ps2pdf.
Yes, I played around with these a couple weeks ago and I can't remember why but I decided that the output from ps2pdf with cm-super was the best... will try again and see if I can figure out why I came to that conclusion.. :-)
depends to the output (pdf or printer) and what you like. The major disadvantage of cm-super is that the file size of the PDF output increases enormously ....
I prefer latin modern ... ;-) and build my PDF's in general with VTeX/Free.
Herbert