First, Jeff, if you plan on having anyone sleep in your basement, you need to install an evacuation window in case of fire. This is a big issue in most localities and very expensive to install.
As far as the wood stud versus metal stud situation, most honestly it is really which you are most comfortable with. Both work well in most situations. If you have worked with wood stud wall building before and are comfortable with building them, you should go that way. If you have not used either, you may want to go with the metal. Metal studs require some special techniques and equipment for cutting and joining but will be around for a long time.
One big exception to this, in my opinion, is if your basement floor tends to get pretty damp. For this, I would go with a pressure treated sole plate, wood studs and foam board insulation. And don't forget to drill the studs at a uniform height for running electrical wiring or to put the plastic bushings in the prepunched holes in the metal studs so the wire does not get damaged when you pull the wire or by vibration. And a good problem preventer is painting your basement walls with a paint that is made to stop moisture from coming through.
Which ever you choose, study all you can on how to do it right. There are many good books at your home center on this as well as demonstration programs. Check with your local stores to see what they offer.