Hi Joe,
I guess your question is about the difference between publishing iPart to CC or keeping iPart in Library folder. There are indeed differences. Certainly, they are all "library" parts with pre-defined definitions. Let me list a few differences and you can see which one fits your need better.
CC: Each part is an unique part, belonging to a CC family. These parts can be placed independently or as custom content for Frame Gen, Tube&Pipe, Cable&Harness, and Bolted Conn workflows. You can manage the families within one CC library or multiple libraries. You can also have them stored in Vault and use remote content.
But, CC is only limited to parts; assemblies are not supported.
iPart (iAssembly) in Library folder: You have to manage iPart (iAssembly) on a per factory basis. Each factory is independent, not supposed to have relationship or dependency. iPart (iAssembly) factory dictates its members. There isn't much you can change on an iPart member file (except custom iPart). Everything should be defined on the author table. To extend the factory, if you edit the iPart (iAssembly), all members may need to be updated unless the change is limited to one particular member.
Many thanks!
Johnson Shiue (johnson.shiue@autodesk.com)
Software Test Engineer