Forum Moderators: mack
In summary, while in theory both approaches were designed to reach the same goal, experience tells us that one carries more risks than the other.
From a purely semantic point of view there is a difference. An IP that is to be routed over the internet by definition must be unique, however it can be shared. A dedicated IP OTOH implies that it is both unique and that it is used only by you.
It is also important to differentiate between web servers and web connected clients, since these IP terms could have a different inference depending on what we are talking about.
Semantics aside, I agree with James considering what I understand to be the spirit of the question.
Unique IP: Your website has it's own up address, unique throughout the internet. You can access your site either via its domain name or its IP.
Shared IP: Your website is part of a group of websites whos domains all resolve to the same IP address. As someone already mentioned, there are still occasional search engine problems with shared IPs.
Shared IP hosting is generally much cheaper so if cost is an issue it's a better choice. Problems are fairly rare.
If cost isn't an issue you want your own IP because it's cooler that way ;-)
This thread was moved to this forum from another discussion and the title given is a little misleading to my actual question. However, it was still a good move here as the difference between the shared and unique IPs has been fully explained.
Still want to know, though, since some hosting companies use the term "unique" and others use "dedicated", if there is any subtle difference I should be aware of between these two terms.