Yes, there is a difference. Most people, like yourself, don't know. During a working session various files loaded into memory "as needed". Windows will arbitrarily keep some of these loaded because it determines that they will be needed again and again. So rather than reload them over and over, windows simly doesn't unload them. When you choose restart, Windows restarts the OS but does not necessarily unload everything from memory. When you choose shutdown, everything is cleared from memory and only the OS and startup items are loaded on reboot.