I use the Pilot FriXion. They're really popular in Tokyo right now. Just avoid the blue one... it is too dark and you can't see the text beneath very well. The plain yellow one is great though!
I have a few pink FriXions. The only gripe I have is that erasing can be time consuming if you actually want the page to be clean rather than having some light grey smudges. Marking in pencil then erasing might actually be preferable in terms of reliability and time concerns. However, pencil doesn't really stand out well enough.
I'd be careful using it on manga where the paper quality is poor. You'd tear through the page pretty easily. So as long as you're not highlighting a Weekly Jump with it then it should be okay.
Now that I know some of the downsides to the highlighting I tend to use it very sparingly or not at all.