Lambert is a flat material type that yields a smooth look without specular highlights.
Phong material takes into account specular reflectivity to create highlights across an object surface.
PhongE is a faster rendering version of Phong that yields somewhat softer highlights than Phong.
Blinn material calculates highlights on surfaces similarly to Phong; however, Blinn can achieve a more accurate representation of the soft tinted highlights you see on metallic surfaces.
Anisotropic material type stretches highlights and rotates them based on the viewer's position. Anisotropic materials are ideal for materials such as hair, feathers, brushed metal, and satin.