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There are many horse breeds in Red Dead Redemption. The three which are most wanted are the American Standardbred, Hungarian Half-Bred and Kentucky Saddler.
You'll find that the American Standardbred is the fastest. It is completely black, which makes it a very easy breed to pick out if you don't have your own horse nearby and you need to horse-jack a different animal. The Kentucky Saddler is a pearl color, while the Hungarian Halfbred is white with a darkened face. These two breeds are not quite as fast as the American Standardbred, but still very speedy.
Another great horse is the War Horse. The War Horse is very fast and strong and has great stamina. However, you can only gain access to this horse if you purchase the limited edition or you pre-ordered the game from select retailers.
Identifying a horse breed by eye is, of course, most useful when you're out on the range and need to grab a horse immediately. You can also buy a horse from a general store.