I use a 0.3mm and 0.4mm nozzle. The difference between 0.3 and 0.4 is very small with 0.3mm you can reduce layer-high a little bit more then with a 0.4mm nozzle but the difference is very very small. But the difference between 0.3 and 0.5 is large enough to see them, so the layer-high is much higher with a 0.5mm nozzle. I would use a 0.4mm nozzle not higher.
I printed ABS and PLA, the result with ABS ist more detailed than with PLA but not much. Currently I only use PLA because it Needs not so high temperatures like ABS. My PLA ist from:
here