Depends what you are looking for.
High-pop servers can mean easier $ from selling simple items, more guilds to choose from, and more people to play with. But- the server may lag, or have a queue to log in.
Low pop servers usually have poor economies, or very screwy ones. There are only a few nice guilds, slow PvE progression. But, you can find nice farming spots that are not occupied. And in cases of playing on a pvp server, you get ganked less.
And medium pop can be a mixture of the above, depending on several factors.
Best bet is to ask your friends what servers they play on, and how they like it.