Google Webmasters breaks it down in this video.

There are a ton of ‘website speed graders’ and some folks get hung up on whether their site gets an ‘A’ or ‘100’ because they read some guru on some marketing list – the fact is, all of these tools measure different things – Martin even asks “What is speed?” – very deep, lol.

For most of us, getting granular on site speed is not worth the effort unless you literally have nothing better to do.  Or you bet someone $100 you could save a millisecond.