GPT vs MBR When Setting up a New Windows Server

GPT or MBR? BIOS or UEFI on my Windows Sever? What do I pick when setting up my server? This has probably come up quite a bit, especially for those of us in the consulting field installing Small Business Server 2008 or 2011.

With large capacity drives (> 1TB) being the norm in server deployments these days, the decision to go with GPT or MBR partitioning comes into play.