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
Another alternative is a soundsmith moving iron. Sold my last MC for a soundsmith 
Don't know about these particular arm and phono but Grado can be an excellent rock cartridge, or Goldring 1042 or one step down. I use the 1042 with Nottingham, speed and resolution are good for MM and it rocks. I listen to jazzrock among other things.
I have both MM and MC cartridge. Not all records sounds good with MC. That's the reason I have both to eliminate any weakness in my system. MM does sound better with rock. But not all jazz sounds good with MC either. I don't like classical music so I couldn't comment on that.

Just like single ended tube amp isn't the answer to all type of music. Vocals SET wins and for rock, push pull for the slam. 
@rbstehno 
Never even considered a mi cart.
Must read up on them
More puzzles...lol
To have both is an excellent idea, either with one table or two. But that's not the option the OP is considering. Again, table rocks cartridge follows, well, if it does.