Difference between Website and WebApplication?

Both function and perform similarly, but still differ in following ways.

Web application:

a) We can't include c# and vb page in single web application. b) We can set up dependencies between multiple projects. c) Can not edit individual files after deployment without recompiling. d) Right choice for enterprise environments where multiple developers work unitedly for creating,testing and deployment.

Web site:

a) Can mix vb and c# page in single website. b) Can not establish dependencies. c) Edit individual files after deployment. d) Right choice when one developer will responsible for creating and managing entire website.