If you access FLS settings for a given profile, it lists all the "edit" and "read" permissions for all fields in any object. If accessing the FLS settings from the object by clicking the "Field Level Security" button it lists these same permissions (I believe, and this is in part why I'm asking this question ... I'm not sure) under the headings of "Visible" instead of "Read" and "Read-Only" instead of Edit (which is the opposite of Edit)? Also, of course, it does this for all profiles for the field selected (instead of all fields for the profile selected).
Is that correct? If so, is there a reason they don't just use "read" and "edit" for both FLS interfaces? Is it just to screw with nOOBs like myself?