Wax Paper vs. Parchment Paper

I have often been wondering what the difference is between wax paper and parchment paper. I finally remembered to google it and this is what I found (it uses reynolds because that's the website where I found it!): 

Reynolds Parchment Paper can be used to line cookie sheets for baking cookies. Reynolds Cut-Rite Wax Paper should not be used for lining cookie sheets for baking cookies. Wax paper cannot take the heat of the oven and will smoke. Both wax paper and parchment paper can be used for lining cake pans for baking cakes. Because the cake batter completely covers the wax paper, the wax paper will not smoke.

Now you know!