RE: You guys should have fun...
Like Irish said, it's mainly personal preferance. In my experience, you can get a good recurve cheaper than a good longbow. I haven't seen any "cheap" longbows that I cared for.
A Hill style is a straight limbed or mildly reflexed limb, usually with a straight grip. This is generally the quietest design, but also the slowest and has the most handshock. Deflex/reflex, in simple terms, is similar to the curves in a recurve, just not as extreme.
There are several longbows on the market that will match most recurves in speed, or at least come very close. The Chek-Mate Crusader is one, Roy Hall's Navajo is another. Take note that this is when the bow is matched to the shooter--if you have a 27" draw and are shooting a 66" Crusader, it won't be nearly as fast compared to shooting a 62", or someone with a 31" draw shooting the 66".
Chad