>I must be easily confused. Are the following two scenarios functionally
>equivalent? Especially wrt off-list posters and newly-subscribed posters?

No.

>Send=Editor, Hold
>Editor=list-editor, (listname)

This allows people who are subscribed to post without confirmation.
Posts from people not subscribed to the mailing list get sent to
list-editor for confirmation.

>And
>
>Send= Private
>Editor= list-editor
>Default-options= Review
>
>Set noreview for *@* issued when the above options are set
>As a new subscriber becomes trusted a set noreview is issued

Posts from nonsubscribers get rejected outright with this setup.
Posts from subscribers get forwarded to list-editor for approval
until such a time as they are set to NOREVIEW.

Does that make sense?

Thanks,

--
Jacob Haller, Technical Support
L-Soft international, Inc
http://www.lsoft.com/