There are a few Javascript frameworks/toolets out there, such as:
jQuery;
Dojo;
Prototype;
YUI;
MooTools;
ExtJS;
SmartClient; and
others I'm sure.
It certainly seems that jQuery is ascendant in terms of mindshare at the moment. For example, Microsoft (ASP.NET MVC) and Nokia will use it. I also found this this performance comparison of Dojo, jQuery, MooTools and Prototype (Edit: Updated Comparison), which looks highly favourable to Dojo and jQuery.
Now my previous experience with Javascript has been the old school HTML + Javascript most of us have done and RIA frameworks like Google Web Toolkit ("GWT") and Ext-GWT, which were a fairly low-stress entry into the Ajax world for someone from a Java background, such as myself.
But, after all this, I find myself leaning towards the more PHP + Ajax type solution, which just seems that much more lightweight.
So I've been looking into jQuery and I really like it's use of commands, the use of fluent interfaces and method chaining, it's cross-browser CSS selector superset, the fact that it's lightweight and extensible, the brevity of the syntax, unobtrusive Javascript and the plug-in framework. Now obviously many of these aren't unique to jQuery but on the basis that some things are greater than their sum of parts, it just seems that it all fits together and works well.
So jQuery seems to have a lot going for it and it looks to the frontrunner for what I choose to concentrate on. Is there anything else I should be aware of or any particular reasons not to choose it or to choose something else?
EDIT: Just wanted to add this trend comparison of Javascript frameworks.