Is good for shallow dents, scrapes and nail holes, it is easy to sand and dries in 20 or 30 minutes.
Should be used for larger holes, you can build it up in quarter inch increments if needed and wait up to an hour for sandings.
Drywall/Wallboard Joint Compound
Should only be used on taped drywall joints or corner beads and screw heads. See my post on filling with durabond 90 for best wallboard results.
Paintable Latex Cault
Very handy for unstable holes like on the top of base board or door trims. Either smooth out the bead with your finger or a putty knife and you will end up with a nice looking finish.