The "timing" essentially establishes how much blank "border" there is, how its distributed "around" the active image, and what the refresh rate will be. Discrete timings are hard-coded standards that graphics chip vendors and monitor manufacturers agreed upon, back when 1280x1024 was about as high as resolutions could go. As the list of possible resolutions grew, a hard-coded list was impractical, so VESA agreed on a General Timing Formula instead, which most new cards and monitors adher to.
The distinction is pretty much irrelevant unless you're using a CRT.