If you have a small repair such as filling in nail and screw holes or small cracks in wallboard, it's usually best to repair it with a product such as RediSpack. It is thick and goes on in one application. Joint compound is used to eliminate the seams between wallboard, with large areas being covered at a time. The slow-drying joint compound gives the construction worker time to cover larger areas and smooth them out before the product becomes too hard to work with. Large repairs are made with joint compound along with a mesh framework or other patch to give the repair extra strength.
RediSpack and other spackles dry very quickly once you spread them on, allowing you to move on to the next task of painting within a few hours at most. Joint compound is a thinner product that usually takes overnight to dry. It shrinks as it dries and sometimes cracks. Subsequent coats of joint compound create the smooth surface you are aiming for. There are special formulations of joint compound that dry faster than the standard compound, and these are used for small repairs as you would spackle.
Small holes in areas with a humid environment such as a bathroom or laundry room are usually repaired with a product such as RediSpack, which is not affected by moisture. Joint compound dissolves in water, making this kind of repair less stable. The ability of RediSpack to dry fast also works to its advantage in a humid room, since joint compound would take longer than usual to dry, keeping the room out of commission longer.
Joint compound is less expensive than the Elmer's product. It is typically bought in 5-gallon or more containers in liquid form or in plastic bags of powder that are mixed with water. RediSpack comes in small portions in a repair kit that also contains patching material, a small applicator and other components for small repairs. Elmer's also makes a nail-hole filler and other spackle products to use in small repairs.
Apply joint compound in multiple coats, allowing each coat to dry overnight. Joint compound sands easily before painting. You generally apply RediSpack in one application, wipe it on and remove the excess product immediately with a small putty knife or similar flat tool. Application mistakes are more easily corrected when you use joint compound, since dried bits can be wiped away with a damp cloth. RediSpack cannot be wiped away once it is dry.