I'm a machinist. The coatings have to do with coating the tool with another material which is harder (in general) than the material of the tool. For example, if you were to cut a really hard piece of steel you would ideally use a cutter that was coated specifically to cut that type of steel.
For wood, uncoated is fine. The more flutes, the more rigid, though. So, a 4-flute is more rigid over the length than a 2-flute. Also, something to consider, an up-spiral flute will leave you withtorn fibers at the top of the cut whereas a straight flute will take more of those away.
Hope this helps.
_________________ Adam
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