At any point in the processing of a document, TeX can be in one of seven modes: no mode (only in \write and similar commands, I think), math mode ($...$), display math mode ($$...$$), restricted horizontal mode (\hbox{...}), unrestricted horizontal (paragraphs), internal vertical mode (\vbox{...}) or on the main vertical list.
What are the differences between the two vertical modes?
Obviously, there can be no page breaks within a \vbox, so I'll refine my question into: assuming that TeX is currently on the main vertical list, what are the differences between doing
\setbox0\vbox{... material ...}\unvbox0
and putting ... material ... directly in the main vertical list?

\unvboxing? (I'm not sure, can't remember that.) – mbork Feb 2 '12 at 6:12\setbox0\vbox{!\vfill!}\unvbox0\byeputs a!at the top of the page, and another one midway (one\vfillbetween the two!, one for the end of the page). So no, the glue is not set. Another way to see that is to add\showbox0before unboxing: I see the item.\glue 0.0 plus 1.0fill. – Bruno Le Floch Feb 2 '12 at 6:49