Silicone and water-based lubes are really great for all latex products!
~Silicone-based lube is newer to the market. It lasts longer than water-based lube and can be used in the water without being washed away (a pro or a con). The only time when someone can run into trouble with silicone based lubes is with sex toys made out of silicone; this will cause it to break down and jeopardize the integrity of the product!
~Water-based lube is tried and tested. It very infrequently causes irritation and it is easy to clean up (without lots of soap which is required for silicone) - but it might dry up quickly (solved with easy reapplication! or with some saliva!). The water based lubes that contain glycerin (usually those snazzy flavored ones) can cause yeast infections.
-->Oil-based lubes (usually like Vaseline or lotion) *do* break down latex. They can also "coat" the inside of the vagina or anus, leading to infections. This sort of lubrication is safely used by people with male genitalia masturbating alone or for people with female genitalia who stick to external stimulation.