Right now I am using a Tru-Glo 3 pin sight that I picked up at a garage sale for 5$.  The only thing I dont like about it is that the mounting bracket to the bow is about 1/2 inch thick thus the mounting screws I have are not long enough to mount it and my quick quiver.  Other then that it works fine I would say that you should look for one with the smallest size pins as possible so that the target would be most visible.

  The peep sight I have is the type that splits the string into two parts.  It works great but it can twist depending on the string causeing it to be hard to see through.  I have been considering switching to the type of peep that splits the string into three parts as even if it rotates any you should still be able to see threw it, at least that is what I am told.

I just got a Tru-Glo 3 pin sight as well.  Haven't played around alot w/ it, but it's pretty bright and the pin is small enough not to obscure the target.  I don't have a problem w/ it getting in the way of my quiver, but I'm shooting a PSE Nova if that matters.

Currently i am using the Trophy Ridge Matrix 5 pin. i love it. i can gauge my in between pin shots alot better and with them all in a line it helps me dial right in on the kill zone