I use a variety of threads for my hand quilting. For the most part, for me, the right color for the project has been more important. That said, I usually use Gutermann as it does come in quite the variety of colors. Most importantly, yes, you want to use thread that is specifically labeled for hand quilting. I also recommend Thread Heaven conditioner.
The knotting issue that 117becca mentions can sometimes be eased by not only the Thread Heaven, but also the direction you thread your needle. If you place the thread coming off the spool through the eye of the needle, frequently it cuts down on the knotting problem. Also, keeping your thread length no more than about 18 inches helps.
I have also used Coats & Clark but find it has a tendency to shred easier/more than others. Americana Thread from JoAnns is quite heavy; does a good job; has a few colors. I've migrated to using Roxanne #10 or #11 between needles to quilt and the Americana does not fit through the eyes of those needles so I rarely use it any longer.