QUOTE(melech @ Jan 27 2008, 05:04 PM)

when would someone opt for a button down shirt and when would one opt for a regularly collared shirt?
I stand corrected, according to Wiki, button downs are considered too casual to wear with a suit.
QUOTE(Wikipedia)
Button-down : a collar, usually a point, that buttons to the front of the shirt at its points. Introduced by Brooks Brothers in 1896, it was patterned after the shirts of polo players and was considered a sport shirt until the 1950s in America. It is still today a more casual style and not recommended to wear with a suit. The term "button-down" is commonly used incorrectly to mean all dress shirts, as opposed to just those with a button-down collar.
ETA: So to answer your question, you would opt for a button down shirt at business casual work environments and more casual events or social gatherings, and opt for a regularly collared shirt in more formal work and social settings and probably shul.