Go with 220V when possible. The same HP motor will require twice as much current (amps) at 110V compared to 220V. As was stated previously, you will need a significantly larger wire size at 110V for this reason.

Also, the start up current of a motor can be 6 to 12 times the amount of the running current (FLA). With 220V you are drawing less current and spreading it over the 2 halves of your electrical panel, which I believe is less likely to cause lights to dim, etc.