HDMI vs DisplayPort: Which is the best?

HDMI and DisplayPort are two of the most commonly used connectors on displays and media devices. From computers and gaming consoles to the smallest monitors and the largest TVs, chances are you have something that supports at least one of these connectors. When it comes to monitors, most of them come with at least one HDMI and DisplayPort connection, and most computers support both. But what is the difference between the two, and how do you decide which one to use?