Difference between "Compound path" and "Compound shape"?

I confess I shied away for many years to use "Compound shape", found in the Pathfinder menu.

Now, what is the difference, conceptually, between a Compound "shape" and "path"?

"Shape" does not behave like a "true" Compound path, in that overlapping paths are not "transparent". That much is plain to see.

Is "Shape" a way to force paths to share common attributes? I don't get why they were created in the first place but I suspect they have something to do with the "live" behavior of Pathfinders that was introduced a few years ago...

I'll try combing the web some more on my own... 

Thanks in advance for any help and tips 🙂