If you're a nursing student or home caregiver don't stress yourself trying to keep track of an expensive stethoscope. A good reasonably-priced, all-purpose stethoscope is great for monitoring blood pressure and heart/breath sounds. Mid-priced stethoscopes can also be suitable for general bedside nursing.
If you are involved in clinical care, choose a "5 way" stethoscope. These have bells and diaphragms (the flat and rounded pieces on the end) that can be changed from adult to infant/pediatric sizes. For general use, be sure you have a stethoscope with both a bell and a diaphragm or a "floating" diaphragm. This will allow you to hear both high and low-pitched tones. Stay away from the very low-end stethoscopes that have only a diaphragm. You'll miss key portions of your assessment.
You may have heard that shorter tubing is transmits sound better than longer tubing. Tests have been performed and it has been determined that there is no detectable difference in acoustical performance between a stethoscope with shorter tubing and one with longer tubing.
Longer tubing allows you to drape the stethoscope around your neck or hang it from your neck, tucking the end in your pocket, both of which keep it safely in your possession and ready for emergencies. It also keeps you from needing to bend as much, preserving your back.