My father was a motor rewinder, and working with him I have had quite a bit to do with both types.
You will find aluminium motors are generally only in smaller frame sizes. I haven't seen one much larger than 3kW. They are usually a bit cheaper and easier to install (because they are lighter). However, they will corrode like crazy if left outdoors (they are made out of the cheapest scrap aluminium you can get - it tends to oxidise and then flake and go brittle). Seem to last pretty long if indoors. Don't expect to repair them - in fact, it's really not worth repairing anything small (under 30kW) anymore anyway (unless you are in a developing country where labour is cheaper).
Cast iron motors don't have any of these problems. Their frames are much stronger, but they are heavier and harder to install. They will last a lot longer if exposed to the elements, which is the main thing really.
Check the fan cowl on the motor - a lot of cast iron motors will have a tin or aluminium fan cowl and these only last about 5 years outdoors (well, longer in dryer areas). Here in Australia we can get what we call a "mine spec" motor, which has a cast iron fan cowl (amongst other things).
Oh, and don't put aluminum motors in a salty environment. Very small lifespan.