Can someone please explain the difference, or at least point me in the right direction, of these two? Thanks in advance.
A BindableFunction is a ROBLOX object that allows you to give access to functions to external scripts. Functions put in BindableFunctions will not be replicated, therefore making it impossible to use these objects to pass functions between scripts. Functions are invoked through Invoke, which calls OnInvoke.
RemoteEvents are similar to BindableEvents, but allow crossing the client/server boundary. This allows a Server Script to call code in a Local Script and vice versa. This can be useful when using features such as FilteringEnabled.
If the result of the call is needed then use a RemoteFunction. Otherwise a RemoteEvent is recommended as it will minimize network traffic and latency. RemoteEvents don't yield the script and wait for a response when they're called.
For more info, I suggest visiting these links:
http://wiki.roblox.com/index.php?title=API:Class/BindableFunction
http://wiki.roblox.com/index.php?title=API:Class/RemoteEvent
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