In JavaScript event handling, why "return false" or "event.preventDefault()" and "stopping the event flow" will make a difference?

It is said that when we handle a "click event", returning false or calling event.preventDefault() makes a difference, in which

the difference is that preventDefault will only prevent the default event action to occur, i.e. a page redirect on a link click, a form submission, etc. and return false will also stop the event flow.

Does that mean, if the click event is registered several times for several actions, using

$('#clickme').click(function() { … })

returning false will stop the other handlers from running?

I am on a Mac now and so can only use Firefox and Chrome but not IE, which has a different event model, and tested it on Firefox and Chrome by adding 3 handlers, and all 3 handlers ran without any stopping…. so what is the real difference, or, is there a situation where "stopping the event flow" is not desirable?

This is related to

Using jQuery's animate(), if the clicked on element is "<a href="#" ...> </a>", the function should still return false?

and

What's the difference between e.preventDefault(); and return false?