Standyby vs Hibernate

Stand By - the system suspends using RAM-alive technique.
Hibernate - the system suspends using hibernation technique.

Huh? In English what does the above mean to me? If I am running programs and want to leave my system alone for a bit why would I choose one over the other?
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Basically standby and hibernate are both power-saving features.  They shut down a number of functions in order to save power, but don't fully shut off the computer so that it will start up relatively quickly when it is needed.  In either case, there are a number of settings that need to be saved pre-standby/hibernate to be restored when the computer 'wakes up'.  In the case of standby, the settings are saved in RAM; in the case of hibernate, the settings are saved on the hard drive.  The first case (standby) allows for faster startup, the second (hibernate) saves more power.

"Hibernation and Standby Mode are very similar and people tend to confuse the differences.  Standby basically turns off power consuming components like the hard disks and monitor.  It switches the computer to a low power state.  Its much like a warm boot.  Any contents of memory and unsaved desktop settings are lost.  Hibernation saves state information by writing a hibernation file which contains the contents of memory and is thus the same size as total RAM.  This is a snapshot of active memory.  When you turn your PC back on, the state, including which applications are running (desktop) and the memory contents are restored to RAM and voila! - you are back to where you were when Hibernation mode started."
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