The best type of weather-stripping for double-hung windows is metal interlocking weather-stripping. See diagram to right.
It will last 100 years (and counting) without tearing, compressing, or otherwise failing.
Because of its longevity it is the only type of weather-stripping I am willing to install. It comes in both zinc and bronze.
Weather-stripping reduces air infiltration and heat loss. It can cut your heating bill (by up to 25 %). It reduces noise (by 30 decibels). Properly installed it will eliminate rattling of your window.
I put this YouTube video together to show what is involved in installing this weather-stripping.
For sources see "Resources/Interlocking Weather-stripping"
For instructions on how to make a jig to cut the grooves using a circular saw, please see this PDF.