First, don't confuse RC (Resin-coated) paper with VC (variable contrast)paper. Let's assume we are talking only about Fiber-based papers here. Todays RC papers are certainly much better than they were 30 years ago, but fiber-base is still better for longevity and subtlety.
Graded papers were the accepted king of the heap for a long time, but I believe multi-contrast or VC papers have finally outstripped graded papers, especially when used with split filtration technique Bryce mentioned. This is mostly because the best graded papers are no longer available, and not in the best grades. I think we will all agree that most of the time, it's all about getting the greatest range of tonality out of the negative and paper combination. Graded papers will yeild a set range of tones from white to black; the higher the grade paper, the fewer the range of tones the paper can give. So grade 0 or 00, or grade 1, or whatever was a manufacturer's lowest grade paper would give the longest range of tones between white and black, and the higher numbers- grades 4 and 5, or even 6 would yield fewer greys between the relative absolutes of white and black. With negatives that had less silver, due to under-exposure, under-development, or some combination of the two, you would need a higher grade paper to print a satisfactory image; this would give you fewer tones in the midrange, but still give acceptable contrast with whites and blacks. A better negative, with a longer range and good delicate shadows and nicely dense highlights would give a great print on grade 0 or grade 1 paper, and show lots of detail. You could coax more out of any paper by playing with filters and get about a half stop range, or tweak the development with different developers or concentrations of developers which would change the contrast, or with bleaching to alter the range after the development.
But that was the old days- most manufacturers don't make the papers for this anymore. These days you are lucky if you can get grades 2, 3, and 4. Which means first of all that you cannot take full advantage of your best negatives, which would have printed most beautifully with the low grade 0 or 1 paper, but rather you are relegated to printing them on grade 2 or 3, and getting a reduced tonal range with a much tighter curve than you would like. And with your barely saved negatives, that should need grade 5 or even 6, you are just out of luck- you will have a hard time getting a good image on graded paper- it will be at least slightly flat.
Meanwhile, today's variable contrast or multi-grade fiber papers have a contrast range which blows away the possibilites of a single contrast grade, and still have all the archival and beauty benefits of fiber-based papers. But you have to work to take advantage of this. Which brings us back to the split-filter process Bryce and I advocate. I make one exposure with the grade 0 filter, which yeilds my highlights, and affects all grey tones up to the midrange, or about Zone V. I then make another exposure with the grade 5 filter, which gives density to shadow areas. The thing to remember is that these two exposures do not affect the other end of the spectrum at all. There are some greys in the middle which will pick up density from both exposures, but you could leave the lens open for5 or 6 times the required exposure on the grade 0 filter and still not get true black anywhere; likewise, you can do the same wth grade 5 filter, and never get delicacy in the highlight areas. But by treating the highlights and the shadows as completely separate exposures you can build a range into one print which at least equals- and probably bests- what was available with the best low grade papers which are no longer available.
In short, with what's available today, use VC fiber papers in a finish you like, and get into split filter printing. It's a little tricky to learn, vs. single filter printing, but yields the best results you can hope for.
