Is there a difference between verify disk permissions and repair disk permissions?

Yes.

I notice when running VDP a repair is carried out if needed. Is there a need to run VDP and RDP or is VDP sufficient?

Verify does not (AFAIK) do repairs. Maybe you clicked the wrong button?

In lay terms, what does this stuff mean/do?

Verify = check all the permissions against the permission information in receipts left by various installers in /Library/Receipts, and print a warning if they don't match.

Repair = change all the permissions to match the permissions as documented by the receipts in /Library/Receipts

Have fun,
Shay
--
=========================== Shay  Telfer ================================
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 http://public.xdi.org/=Shay    fnord     <http://sungroper.asn.au/>