hello barrykaf,
to answer your question...there are no difference in the effects themselves. any plugin or effect that come with cubse5.0 can be used as a send or and insert.think of the mixer inside of cubase like an actuall mixer....your insert effects are more local to the channel you are mixing...say u have a piano and u want to give it a hall like effect,but only on the piano..then use your insert.but say u have a group of pianos,or u want to use a specific effect on all, or a group of channels, then u would put and effect through a send and then to the channel(s) u want.this lets u save the inserts for signal processing more intimate to a single channel....i got cubase becasue of this specific reason...if u have used and anolog(or digital)outboard mixer before it is no different.good luck man