This is always a topic of heated debate around here. While a sphere should be the best shape because it doesn’t change shape or aspect no matter its orientation, it is affected by many things – size (distance from camera), shape, once motion blur is included, extended shape, when it starts casting shadows, and shading, when the sphere has only one side lit well. On top of that, when you incorporate the square grid of pixels that make up the image it starts to no longer resemble a perfect sphere.
For projects where tracking was used for highly accurate data tables, we’ve used small reflective spheres (scotchlite) or spheres coated in IR sensitive paint and photographed with that type of camera and light, so the only thing you can see is a perfectly round dot. Using a highspeed camera eliminates the motion blur and the near camera lighting eliminates shadows and shape distortion. If using film, use a radial shutter (leaf) in the lens (instead of a pull down) and if using digital use a super fast chip: both to remove image smear that happens during the exposure. For highspeed use a rotating prism.