Are you missing specific features or running into specific issues? For new projects I would pick a recent release, so the 16.05 over 16.04 or 16.03. Within that release you can pick the highest, so 16.05.0004 over 16.05.0003. This last number is more on bug-fixed, the first and middle number more on features.
If you selected the release, the letters indicate the switch type. So WC-16.05.0004 is for the 2930F, the KB-16.05.0004 for the 3810.
So in general the higher the last part, the more documented fixes you will see. That is most because when development starts with a new release, the fixes known at that point for the previous release are taken into the new release and no longer documented in the release notes.
Many customers keep an 'ain't broke, don't fix it' for their switches, and they try to standardize on as few releases as possible.
Does this help you to select the right version? Please reach out to your Aruba partner or local Aruba SE if you need more assistance.