Male vs. Female
Tooling is referred to as either male or female. Male parts are formed on the mold and must be pulled off upon removal. Female parts are formed in the mold and must be taken out upon removal. Whether male or female, the mold can be either above or below the sheet during forming.

Dimensional Control from Forming Process
Male Mold
Mold dimensions are inside the part, and can be precisely controlled. Non-Mold surface dimensions are effected by material thickness.
Female Mold
Mold dimensions are outside the part, and can be precisely controlled.
Dimensional Control From Trimming Process
Male Mold
Trim dimensions can be precisely controlled.
Female Mold
Trim dimensions can be precisely controlled.
Part Appearance
Male Mold
Higher gloss on outer surface; No mold marks on outer surface; Sharp exterior detail and definition is not possible; Part exterior cannot be textured by the mold surface; textured sheet stock can create desired finished part texture; draft required on sides to facilitate part removal from mold; in general, parts have a more rounded appearance, with soft radii and limited surface detail.
Female Mold
Higher gloss on inner surface; mold marks may appear on outer surface, plug assist marks may appear on inner surface; sharp exterior detail is possible; finished part texture can be created by texturing the mold surface; textured sheet stock will not create desired finished part texture; no draft required in most cases; in general, parts have crisp exterior detail, and demonstrate cosmetic features usually associated with injection molding.
Material Distribution
Male Mold
Corners of finished part may be thicker; pulling a bubble to pre-stretch material prior to contact with the mold can improve material distribution.
Female Mold
Bottom corners may be thin; use of a pre-forming bubble, in conjunction with a heated plug assist can improve material distribution.
Costs
Male Mold
Least expensive form of tooling. Lends itself to multiple cavity applications.
Female Mold
More expensive than male tooling. Approximately one tenth the cost of injection molding tooling for a comparable part.