That's an excellent rundown, Mat - don't mind if I use it to explain those differences to users (I usually lose them when I start talking about QOS and packet filtering... ).

As an addition, switches can also have more features such as firewalling, VPN configuring, packet prioritizing, etc. You'll usually find these mostly in higher-end equipment though, so these models would be more expensive. ALso, switches have their own IP address (seen as a node on the LAN) while hubs are transparent/passive to it.

If your needs are basic, like a home LAN, stick with Matridom's suggestion.