Note that some (most?) WD Green drives have an inordinately short head parking timer baked into the firmware. The drive will park the heads after something like 6 seconds to save power. A lot of people worry this will reduce the life of the part. WD says it won't, but there are firmware hacks out there to make it behave more like a normal drive, and park the heads only when spinning down the drive.
WD Black = WD Blue with a longer warranty.
WD Red has something called TLER, which helps prevent drives from dropping out of a RAID array due to a simple read error. When a single drive encounters a read error, it repeatedly re-reads the sector trying to get a clean read (i.e. the checksum matches the data that was read). These re-read attempts can frequently last over a minute before the drive gives up and the OS reports a read error.
Most RAID software will consider the drive to have failed if it doesn't report back from a read request in as little as 6 seconds. So if a drive gets stuck trying to re-read a sector like this, the RAID software may mistake it for a failed drive and drop it from the array. To counter this, the RAID software changes a setting on the drive which makes it give up re-reading in less than 6 seconds. On WD drives, this setting is called TLER. It's present on the WD Red drives, but not the others.
Note that WD is the only HDD company which specifically disabled TLER in its other drives to create a "NAS drive" category. With the other manufacturers, all their drives have an equivalent setting and will work with RAID arrays. And newer RAID software knows about WD's hanky-panky and can be configured to or will not automatically drop a drive if it takes a long time with a read request.
WD Purple are for security cameras. I haven't figured out what features (supposedly) make these drives better for security cameras.