Differences between Analysis View & Workbook functionality.

I tried searching through SAP documentation for my inquiry but haven't found anything concrete. What are the main differences between Analysis View and Workbook within Advanced Analysis for Excel?

I know an Analysis View is made from a BEx and a Workbook is a saved instance from an Analysis View. I am just trying to understand the key differences so I can make the appropiate security changes within our model.

Are there significant functionality Pros and Cons outside the fact that Analysis View comes first before the Workbook in terms of creation.

Is there an advantage in an end-user being able to save an Analysis View in their My Favorites or only allowing he/she to save Workbooks in their My Favorites?

Thanks!