Tim what batteries? More then likely if looking at hobbyking they will be a 1p. It all has to do with how many cells in the actual pack and how they are wired.
They mean the same thing. Usually a single 4S pack. But in a boat set up, both could also represent two 2S packs wired in series which gives you the same voltage as a single 4S pack. I run that configuration in my P-Lim Sport Hydro.
It depends on what you want. If you wire two 2S packs in series (7.4 volts each) you have 14.8 volts or 4S. If you wire the ttwo 2S packs in parallel you will still have 7.4 volts but you will double the capacity. For examle, you have two 2S packs with 5000 mAh capacity each. Wire them in parallel and you have 7.4 volts and 10,000 mAh capacity.