Trent Hawkins wrote a good answer that I fully support, but here's some more stuff that's too big for a comment:
Your FTL type is a huge factor in how easy it is to colonize, and move around in general.
I've tried all three types, and going forward will not choose anything other wormholes unless I want to intentionally handicap myself.
Hyperdrive
Hyper drive is the most restrictive. You can move down the lanes pretty fast, but only on the lanes. Sometimes there will be a star system that would be oh, so close if you could go straight there, but instead you'd have to go a third of the way around the galaxy and through the space of three empires to get there.
This makes early colinization difficult once you encounter another empire, or if you're in a spiral galaxy, and requires diplomatic permission to move around the galaxy later in the game.
Warp
Warp is more flexible than hyper drive. You can go in any direction, but still have to actually move through the space. This means you have to worry about enemy borders and treaties.
This is mostly fine for early game exploration, but starts becoming problematic as soon as you have to worry about others' borders.
If you have permission to move around the galaxy, from treaties or war, then this is the most flexible technology, as there is no need to build stations.
Wormholes
Wormholes are great. The only real downsides are that the generators can get blown up if you're in a war, and you have to build stations before you can enter an area. We're talking about colonization here, though, not war.
With a wormhole, you can travel anywhere within a huge range instantly, and without crossing the space in between. You can literally skip over an empire and build stuff on the other side without ever violating their borders. You stop worrying about the actual distance between systems, and instead just the number of jumps. It takes the same time for one of my ships to cross the my whole starting empire in two jumps as it takes to move to the next system over in two jumps.
This makes it very easy to set up colonies very far apart on all the most choice worlds. Since you can move across large distances in moments, once you have the wormhole generators built, it's okay to have a huge gap of space between worlds. You can use this to great effect when implementing the strategy of getting the furthest apart, most easily colonizable worlds and then filling in the worlds in between at a later date once you've established your borders.
Actual In-Game Worm Hole Advantage
As an example of the kind of advantage a wormhole can provide, consider this situation I've actually encountered: you're playing on a ring galaxy. An empire stretches from the outer edge to the inner edge, blocking your progress. You can see colonizable planets on the other side, but can't reach them. If you're using warp or hyper drive, you have to get permission to move through the territory. If you're using worm holes, you just build a station, jump over, colonize the planet, and then your influence pushes them back and connects with the original side. You can then continue down that edge, surrounding the other empire. If they aren't using worm holes then they're trapped. No need to go to war, just stifle them until you're superior and they'll surrender.