A dedicated is totally yours, all the hardware, all the disk, processor and stuff. Should shit go wrong, a disk failure or so, it's your machine that will take the hit and you'll be down until it's fixed.
VPS, you share a physical machine with others, say 4-8 accounts per machine. You all have a part of the machine, dedicated to you, but often have the possibility of overusing your share, burst into, the commonly shared processor power for any traffic spike that might occur, as long as the other accounts are not currently using their share of the power.
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The truth is not affected by the beliefs, or doubts, of the majority.
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