John Doyle
Ansys Employee

Both models are based on a strain energy density function.  NeoHookean is the simplest (mathematically) of all the hyperelastic options, but it also is limited to relatively small strain (<30%) and typically only curve fits well for mildly nonlinear stress strain curves without inflection points. 
I would refer you to Section 4.6 of the MAPDL Material Reference Guide available online for a more rigorous explanation of all the hyperelasticity material options.   
If NeoHooekan result passes all your validation requirements, then you should be fine to use it.