Also, what is the definition of Reseller/shared, and their perspective advantages/disadvantages.
Shared - If you're only hosting one domain this is what you want.
Reseller - The fact that it's called reseller does NOT mean you have to "resell" anything, that worries a lot of people. Think of reseller as you are the middle man and you make the decisions on package sizes and prices. Let's say you have a resellers web hosting account
1GB/20GB for $5.95 you can do anything you want with that 1GB disk space and 20GB bandwidth such as:
1) Only host 1 domain.
2) Host 3 of your own web sites.
3) Host 1 of your sites, 2 of your friends for free and charge 10 people for web hosting.
With a resellers account you get access to two different control panels if you're using cPanel.
WHM - web host manager, this is the top level where you create/edit/delete packages, view bandwidth usage, suspend accounts, change passwords, etc. So you could create a package called 'friends' giving it 50MB/500MB resources. You could also create paid customer packages like silver, gold, etc.
cPanel - each of your clients gets their own cPanel login page, email, FTP, Fantastico, image gallery, MySQL databases, etc.
If you can afford it, I would highly recommend a resellers account which offers you a lot more flexibility. Remember how you use your resources is totally up to you. You can host 1 web site or 100, it's totally up to you. Considering they start at $5.95/mo you could charge 5 friends or co-workers $3/mo = $15/mo and you only pay $5.95/mo so that's almost $10/mo profit.