Visual Studio "New Project" or "New Website"

All,
I'm finally getting around to learning ASP.net in VS... I've developed
a few Win forms in the past and am fairly fluent in classic ASP but
I'm a little confused about which is preferable and the reasoning
behind choosing either "New Project" or "New Website" when creating a
new site. Are there limitations that are present if you choose what
seems to be the more limited "New Website"?

If you know where I can find a good discussion on this topic or any
advice / guidance would be greatly appreciated thanks in advance.- CES
.

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