In my estimation IPE Hardwood is the best material for deck construction. It is a beautiful wood and it is also incredibly hard and durable. The only draw back to IPE is it’s cost, and that it can be difficult to source from sustainable FSC Certified forests.
Other options that are popular and widely available are composite deck materials, however, I think that IPE ages much more beautifully than composite materials do. The problem is that composite materials tend to get bleached by the sun and fade over time. However, there are a variety of composite deck products available and they are constantly reformulating them. The products can generally be classified by the nature of their petroleum component. Some examples are:
Polyetheylene: Trex, Weatherbest, Timbertech, ChoiceDek
Polypropylene: CorrectDeck
PVC: AZEK / Procell, DeckLok
Update 6/2/08: I just ran across this nice list of environmental ratings for synthetic/composite decking materials.