isEqual: compares a string to an object, and will return NO if the object is not a string. isEqualToString: is faster if you know both objects are strings, as the documentation states:
Special Considerations
When you know both objects are strings, this method is a faster way to check equality than isEqual:.
isEqualTo<Class> is used to provide specific checks for equality. For instance; isEqualToArray: checks that the arrays contain an equal number of objects, and that the objects at a given index return YES for the isEqual: test.
Also, for writing your own -isEqual: and -isEqualTo<Class>: methods, the convention is to allow nil arguments for -isEqual: and raise an exception for nil arguments to -isEqualTo<Class>:
I highly recommend this. The performance benefits of isEqualToString are basically negligible for most applications. But there are two other distinctions the author mentions: