On Intel, the coprocessor (nowadays integrated) will handle both equally fast, but as some others have noted, doubles result in higher memory bandwidth which can cause bottlenecks. If you're using scalar SSE instructions (default for most compilers on 64-bit), the same applies. So generally, unless you're working on a large set of data, it doesn't matter much.
However, parallel SSE instructions will allow four floats to be handled in one instruction, but only two doubles, so here float can be significantly faster.
