I have a Map which is to be modified by several threads concurrently.
There seem to be three different synchronized Map implementations in the Java API:
ConcurrentHashMap is preferred when you can use it - though it requires at least Java 5.
It is designed to scale well when used by multiple threads. Performance may be marginally poorer when only a single thread accesses the Map at a time, but significantly better when multiple threads access the map concurrently.
I found a blog entry that reproduces a table from the excellent book Java Concurrency In Practice, which I thoroughly recommend.
Collections.synchronizedMap makes sense really only if you need to wrap up a map with some other characteristics, perhaps some sort of ordered map, like a TreeMap.