If you are using moderation, you evaluate registrants and then assign them to usergroups depending on your own criteria. But even "guests" and registrants are distinct usergroups to which you can assign a set of permissions.
Some of the confusion stems ( I think) from the different terminology used by PHPBB and vBulletin. vBulletin has much more robust permissions requiring more exact word definitions. This allows for very exacting permissions to be established. The flip side is that PHPBB, having fewer choices, is simpler and easier to use.
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