The newer composite gasket gives a better seal between the inlet manifold and the heads, particuarly around the waterways.
My father in law always uses the composite gasket when rebuilding the Rover engine.
Hope this helps
Spen
By composite I assume you mean the tin gasket with black finish?
They don't rust as quickly and most owners are too lazy to paint the normal tin ones. Possibly a slight added noise reduction. Otherwise no difference.