Latigo is cowhide but it has beeen treated a bit differently. It various considerably depending on which tannery is making it or if bought directly what the buyer specifies. It is typically impregnated with waxes and/or oils so it tends to act as if it is already "dressed" and requires little care. it tends not to cup or bow as badly and my reason for prefering it is the nicer draw in addition to the non-cupping factor.
Tony