I've tried every ant I could ever possibly find, and they all sucked compared to the parachute.
The pros to the parachute ant are, in my opinion, as follows: 1) They are easy to see. 2) They float really well. 3) They are quick and easy to tie. 4) They land a heck of a lot softer than foam flies, and yes, I think that matters sometimes. I am not always looking for that beetle type of "plop." 5) Fish seem to freaking love the parachute ant. When the fish are looking up, and they are wanting ants, the parachute gets em every time.