What is the difference between “Compare with Workspace version” and “Compare with Latest version”?

Question

I am using Visual Studio 2012 with TFS. Whenever I want to compare my checked out files, I have two options to choose from:

1. Compare with workspace version

Answer 1

• Comparing with workspace version actually compares the edited file with the version of file at the time you checked out (compares exclusively your changes).

• Comparing with latest version compares the edited file with latest version of file present at your code repository i.e. it might include changes made by your colleagues.

http://codereferences.blogspot.ca/2012/03/tfs-compare-with-workspace-version.html