Higher aspect ratio means lower induced drag. If I remember correctly the coefficient of induced drag = the coefficient of lift squared divided by pi times the aspect ratio.
Two problems with high aspect ratio are structure and Reynolds number. A high aspect ratio means a short chord and hence a shallow, hence heavy and/or expensive spar. The short chord will also reduce the Reynolds number.
An eliptical wing is ideal from the point of view of lift distribution but is difficult and expensive to produce.
A straight wing, no taper, is not good from the point of view of lift distribution but should give a fairly benign stall as the root will stall first.
A strongly tapered wing will delight the structural engineer but combine a fairly poor lift distribution with a nasty tip stall.
A moderatly tapered wing can give a good compromise. Even better is a double tapered wing which can get pretty close to the eliptical wing for lift distribution while being more practical to produce.