I like to run Edmunds finned aluminum heads. They are not currently made, but a lot were made back in the '50's and '60's, so some are available if you look hard enough. I like them because they have the spark plug re-located juuust enough to allow the use of extended tip plugs. (Stock heads and most aftermarket units have the plug relocated over the exhaust valve, which will quickly close the gap on these plugs). In my opinion, getting the spark out there in the combustion chamber is a big advantage. In any case, if you decide to run any kind of aftermarket heads, make sure you get the correct reach spark plugs. Most aluminum heads take a longer than stock plug, and running stock plugs (Champion H-10's or equivalent) will shroud them badly.
As "Ol' Ron" says, aftermarket heads will increase the compression ratio, which is always good (even the cheapest fuel available today is better that what was around when these engines were designed). He also touched on better fuel economy and power, both of which are improved by optimizing the "quench" in the combustion chamber. This means trying to get the clearance between the top of the piston and the head to around a uniform .045-.050" when the piston is at the top of the stroke. On every set of heads I install, I check for the existing clearance and work on them until I achieve this measurement. I believe it is time well spent and makes you feel like a real "Hot-Rodder".
I will take issue with the previous poster in whether this is worth the effort. On the first flathead I had built (a 276" Mercury), I just bolted on a set of spankin' new Offenhauser heads and let it go at that. The car ran and performed fine, but it never had the "ooomph" I thought is should have had. On my last two engines, I have used worked over Edmunds heads with a little increase in carburation, a mild cam, and a good ignition. I am much happier with the performance of these engines than the first one which was built for a higher level of power.
As to cast iron or snazzy finned aluminum heads? That's a matter of personal taste, but if I build another engine, you can bet I'll spend a bunch of time on the heads to get them to where I want them.