Deliverability versus delivery

I copy from Word to the Wise:

• Delivery is what happens to a particular email. It is what ISPs are most concerned about.
• Deliverability is the delivery potential of a particular email. It is what marketers, commercial senders and ESPs are concerned about. Deliverability is more than just “can this email be delivered”, it is the sum total of factors that play into email marketing: relevance, structure, content, and reputation.