This Ableton tutorial clip covers how to choose the right warping algorithm for different types of audio material in Live. Beats works best for percussive content, while Tones is better suited to melodic or chordal material, and switching a chord clip from Beats to Tones is the clearest way to hear why.
The clip also touches on using warp algorithms creatively, showing what happens when you apply Beats to a chord clip and push its settings, which can produce interesting textural results beyond straightforward tempo-syncing.