What is managed hosting?
The definition can differ from provider to provider, but managed hosting is a form of dedicated hosting where hardware is owned by a hosting provider who handles day-to-day management, maintenance, and support of servers. Hosting equipment is leased to a client who also benefits from included services such as automated backups and technical support.
The most important aspect of managed hosting would be how much versatility and flexibility do you have. Will they allow you to install Wordpress in your hosting account. Will your hosting account come with frontpage extensions installed? Will you need hosting based on .asp or php? The best hosts are the ones that give you this info upfront so you can make the best decision.