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Whats the difference between me having email under my own domain name and having a email account using an ISP or a WEB mail service like Hotmail or Yahoo!?

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Freedom and control. Don t forget that with Hotmail or Yahoo, you don t have any ownership rights to the use of their name. If you want to use a different service because you feel their existing one is too slow etc. you will also lose your email account with them. Because you, the user, holds the domain registration, you have the freedom to move your domain and hence your e-mail to any ISP you choose without having to change your e-mail address. You can create as many e-mail addresses you choose under you domain which you can control and administer to your liking.

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