I've heard leveling sand referred to as base sand... basically it's the stuff they put under, for example, a porch, prior to putting down concrete.
Essentially it is the same thing as Play Sand,
if it is what I am familar with...
I use Pool Filter Sand exclusively. It's cheap ($8 per 50 lb in my area), is large grained and is regulated in particle sizes which means there are no fines to get into your filter. This also means when you wash it you only need to wash out the dust that forms from it grinding against itself.
Pool Filter sand is basically the same thing, but without the fines removed. So you have particles the size of dust, particles the size of Pool Filter Sand and everything in between. So when you wash it you will have to wash out a lot of fines.
Aquarium sand found at local fish stores is very fine and very expensive... avoid it like the plague...
If you want fancy colors I suggest looking into 3M products...
All in all, sand is sand... it's ground up rock. So the use it was meant for will dictate the condition of the sand when you get it.