Tonewise, I've heard that rosewood may be preferable insofar as it creates more resonance than ebony, which can dampen the sound slightly. The main acoustic sales rep at my local Sam Ash, Jossian, a great guy and a real fount of knowledge, told me that for classicals without a truss rod, ebony may be preferable because it's more stable and less prone to warping, twisting and effects of climate.
Aside from that, I think much has to do with cosmetics and snob value, as someone mentioned. I like the look of ebony on a large number of guitars. However, one I have on back order, a Gibson CJ-165 Maple in antique natural, really does look great with the slightly paler rosewood fingerboard. It complements the light spruce and maple colours perfectly.
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