I don't know the ins-and-outs, but my understanding is when you're apart of a pool you get to split the reward. This is good because you're more likely to succeed in completing a block with a pool than on your own (unless you have a decent rig), especially with some of the more mature coins. You could probably mine some of the newer alt coins solo and do fine. Obviously, going solo means you'll get the full reward. I've not gotten into mining simply because I don't have hardware that's good enough to make it profitable for me with either solo or pool. I'd be losing money on electricity, etc.