Age old discussion I know but MM or MC? Benefits?


Some mighty long discussions on this already here but I need a refresher!
Having decided to upgrage my phono amp to a Dynavector p75 mk3 I am now wondering about my cartridge.
At present I have a Clearaudio Emotion 4 table with a Clearaudio Artist v2 cartridge.
What are main difference between mm and mc that I could expect to actually hear?
And lomc and homc? What is all that about?
Sorry if this has been thrashed to death already but just trying to get a laymans understanding if possible.
128x128uberwaltz
@harold-not-the-barrel but my post was addressed not to your statement, but to @schubert 's "MM all the way" 

P.S. I'm still not sure the MFG 610LX is equal to earlier MF61 which i have never seen for sale in many years. 
Answer noted. Don´t worry about the MFG 610LX. I think it was only for the European market thirty years ago but it´s superb nevertheless.
Chackster, I said MI all the way not MM .
And that for classical which was the post before that .
Well, well well indeed.
Hard to say which was the big mover as I made a number of changes at once.
Nottingham Analog Spacedeck cw Shelter 501 mk3 mc cart.
Also built a new rack using 2" maple boards and allthread and moved everything over and took time to tidy up all the wiring.
But...the music, oh the music.
NEVER has vinyl sounded so sweet in my system, so much air and just well soul is best words I can come up with.
Not that I thought so at first as first l.p. on was in through the out door by led zep, must be a poor recording as I thought, umm, soso.

Then I slipped on in the dark by grateful dead....ooh yes please, that hit the spot indeed. Followed with number the brave by wishbone ash and dark side of the moon by Floyd.

Just....heaven. Money very well spent imho.
In my experience, as I have moved to more expensive cartridges, all the sound parameters have improved; always worth the investment. If you aren't going above the $1200 or so ceiling on MM, then MM or MC is your choice.  Generally, they are priced pretty respective of performance.