Ipchains is default with 7.1
Iptables is better as it has more options, but it hasn't been out in the fields as long so its likely that there are more security issues with it.
Like the FTP bug that was discovered shortly after it was released.
If your looking for information on iptables search for netfilter as that's it project name.
Also you get more options with iptables like forwarding without extra module support and timing options on certain packets to help with DOS attacks and other performance related issues.
Read this for more info.
http://www.securityportal.com/cover/...y20010122.html
/Raz