We use streaky bacon and back bacon in the UK, but if you're just having rashers, it's almost always back bacon. When served plain and fried back bacon is just plain better - more better quality meat. I use streaky bacon for wrapping things, candying, or suchlike.
i'm thinking of trying that hot-dog-wrapped-in-awesome recipe, except i'm going to use uber expensive sausages, thin sliced steak, some blue cheese, and some home smoked bacon. NOMNOMNOM oh and i prefer lamb over all other meats, if i'm honest.