SharePoint InfoPath provides the following form templates. I’m kinda writing them down so that i can always refer back to this post and compare the pros and cons between the two most popular form templates.

SharePoint List:

1. Simpler form.
2. Quicker way to generate a form yet leverage on InfoPath OOTB Validation.
3. All columns are stored in Custom List. Export to Excel feature is meaningful in this sense.
4. Attachment Supported. User can add attachment on to the form as it is Custom List by SharePoint nature.
5. Support multiple views.

SharePoint Form Library:

1. Support more complicated form validation such as repeating tables
2. Requires more knowledge on using the form designer.
3. Custom fields are stored in SharePoint Library Columns. Not All can be stored, such as repeating fields.
4. Attachment not supported. A form is stored in XML format. Search result may not be meaningful to the end user.
5. Support multiple views.
6. Support Repeating field! That is, the design can cater for dynamic number of record in a particular columns. For example, you want the user to enter the particular of their family members, which could be zero or more. In List, you can’t possibly allow this unless you hardcode the column to support up to a certain amount entry.