Flaxseed meal, along with almond flour, is an ingredient I use on a regular basis to replace wheat flour, especially when making bread, because most, if not all, of its carb content is fiber. It also has other nutritional benefits: it's rich in Omega-3s, protein, and antioxydants, all of which promote better general health. You can read about those benefits here.
Brown and golden flax seeds are the most common on the market. Brown flaxseed meal can be found in most grocery stores, but the golden variety is a bit more tricky to find. I get golden flax seeds at La Branche d'olivier (they can be found at other health and/or natural food stores) and grind them myself with a coffee grinder, which takes a whole five seconds to do.
Besides, whole seeds stay fresher, longer than meal, which can get rancid in a matter of weeks if not stored properly. Whole seeds should be stored in a cool, dry place, while meal should ideally be stored in the freezer for maximum freshness. Since I use mine up pretty regularly, I simply store it in an airtight container.
While brown flax has a lovely nutty flavour, I much prefer the mellower taste of golden flax. However, I will sometimes use a mix of both, usually half-and-half. Both varieties have similar nutrient composition anyway, so it doesn't really matter whether you use brown or golden. It's all really a matter of taste.