Well there's Centos / RHEL, there's Ubuntu Server / Debian, and probably others.
In the end it probably boils down to personal preferences.
CentOS is basically RHEL without Red Hat trademarks, and without Red Hat support.
Ubuntu is based on Debian, but, similar as Fedora, has a release cycle of 6 months.
Ubuntu also offers a Server Edition, equal release cycle as the regular Ubuntu, if I'm not mistaken, but every once in a while (think every 2 years), they have an LTS - Long Term Support Edition, which several people choose to use as server for next few years.
Debian is highly stable (that's not to say the others aren't stable), Debian Stable releases tend to be outdated with some items, due to their release system. However so does current CentOS / RHEL, which comes with PHP 5.1.6 by default and OpenOffice.org 2.4 as example, when you can get PHP 5.2.9 already as well as OpenOffice.org 3.1
Best to do in my opinion is to take each of the above four mentioned distros and see with which one you can work.
If you prefer rpm based distros, then go for CentOS / RHEL, prefer deb based, then of course Ubuntu Server / Debian
I use all four of the above distros.
CentOS @ work on all of our servers, and therefore using it also as office desktop from which I'm writing this, throw inbetween some RHEL servers of ours in USA, whereas private I use Debian and Ubuntu, simply as I prefer them in general, and would also prefer to use them in our work environment, but alas, use of CentOS has been implemented years ago when I wasn't here
Ah, and previous company I worked at, absolutely everything serverwise was Debian. Nothing else, pure Debian area, and we had a few