Buying one to use, go for the standard black-handled model. Cocobolo is a very durable wood, but the black synthetic is nearly indestructible. The steel is the same on each, so no difference with cutting ability or usefulness.
Plus, is you're on a budget, with the $25 savings you can buy a second knife.
But if you're shopping for a knife for lookin' at, cocobolo is the way to go!