Question regarding Production Management vs. Manufacturing modules


So we are a long time user of the Work Order module, now the Manufacturing module.  Sometime later this year, I plan on switching from Advanced to Premium as I now understand that there is a manufacturing module for Premium.  Is this what is referred to as "Production Management" ?  And how different is this from "Manufacturing" ?  Has anyone else here made this transition, and if so, are there any gotchas I should be aware of?