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Instant slide shows provide instant gratification, but with limits. All photos appear for the same amount of time, with the same transition between them. You can’t map out your own Ken Burns pan-and-zoom moves. Nor can you export the slide show for burning in iDVD or for viewing on an iPod, iPhone, or Apple TV.
By creating a slide show project, you can have all these things and more. Slide show projects appear in the Slideshows area of the Library list. Because they’re saved as part of your iPhoto library, you can go back and add to slide show projects any time you want.
Your broader options start with the ability to have different durations for different shots. That view of the skyline? Five seconds. That montage of park scenes? Just a couple of seconds apiece.