The cC0 stepping should be the best, or even the cD0 stepping if you can find it (just coming out now).
Gratuitously ripped from pm's posts:
A stepping is a revision of silicon - to be more precise it refers to a change to the mask used to manufacture the chip. This change can for any number of different reasons: to improve bin split (frequency), to fix errata (ie. bugs), to improve yield, to solve an electrical issue and other misc. reasons.
Intel defines steppings in two forms. A letter change is a change to the complete set of masks. A number change only refers to a subset of the masks. So, A1 -> A2 is a change to just a few layers (usually metal), while B0 -> C0 is a change to all layers.
IMO, the most important point to remember about steppings is that you shouldn't mix them in a SMP (multi-processor) system.If you have one 733MHz Pentium III cB0 CPU, and you want to add in another to make a dual-processor setup, then I strongly recommend getting another 733MHz Pentium III cB0, and not putting in a 733MHz Pentium III cA2 or a cC0 instead.
You could think of it as a software release. But it's worth mentioning that rarely steppings are released that may have no notable diffence to the prior stepping as far as the end-user is concerned. A stepping for a yield improvement would not be noticeable at all to the home user. Software releases are almost always released for a reason that would be noticeable to the end-user.
And yes, later should always be better.