What factors should I take into account when I need to choose between a hash table or a balanced binary tree in order to implement a set or an associative array?
This question cannot be answered, in general, I fear.
The issue is that there are many types of hash tables and balanced binary trees, and their performances vary widely.
So, the naive answer is: it depends on the functionality you need. Use a hash table if you do not need ordering and a balanced binary tree otherwise.
For a more elaborate answer, let's consider some alternatives.
Hash Table (see Wikipedia's entry for some basics)
Binary Tree
Let's not forget that O(1) is an asymptotic complexity. For few elements, the coefficient is usually more important (performance-wise). Which is especially true if your hash function is slow...
Finally, for sets, you may also wish to consider probabilistic data structures, like Bloom Filters.