Psychs practically never prescribe first generation antipsychotics so you should do some research on it if you're interested (it won't be recommended). The newer antipsychots are less likely to zombify you, I think, but they have their own set of side effects so I'm not fully convinced that they are much better. One advantage is that they may have some antidepressant effects... in particular, abilify. One downfall is that they still can cause tics or tardive dyskinesia, which is a movement disorder. I'd do some research on it yourself, since I'm not very knowledgable. I generally just take whatever they throw at me.
Comparing with mood stabilizers, I know that both have mood stabilizing effects, believe it or not. So a psychiatrist can potentially try either one for bipolar. I think olanzapine is particularly effective but the weight gain is terrible. Abilify is becoming more popular nwoadays but it may make you restless if you start the dosage too high (abilify is what I'm on now, and let me tell you, the restlessness can be terrible.... look up akathisia).
Again, you can find more accurate info if you research this yourself. I'm just saying what's on the top of my head.