How to choose a story format?

I haven't found any Twine documentation providing advice on how to choose a story format, but this choice seems awfully important. (For that matter, I'm not entirely clear on how to choose a Twine version.) What are the important considerations? When does it make sense to choose one over another?

I had initially assumed they were just style sheets, but it's becoming increasingly clear to me that they are something more akin to mutually incompatible programming languages with different capabilities.

Thank you!