This article is from the Table Tennis (Ping Pong) FAQ, by ttennis@bu.edu with numerous contributions by others.
A good table will have no less than a 3/4" top made of high resin particle
board painted in a dark, non-reflecting color, usually green. Plywood tops
are usually too grainy.
Whether you purchase a fold-away or a two-piece card table type is
primarily dependent upon your available storage area. Three two-piece
tables can be stored in about the same space required for one fold-away.
The fold-away is easier to set up and take down but is generally not as
sturdy as the two-piece table.
A table with a steel apron around the perimeter on the underside of the top
is less likely to warp, and some players claim that this design plays more
"solidly" than one without.
 
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