This mostly has to do with what happens when more than one style applies to a given element. For example, consider the following style specification:
<STYLE type="text/css">
P {color:blue}
P.spaz {font-style:italic}
</STYLE>
Now, suppose you have a paragraph like this:
Question: What does the resulting output look like?<P CLASS=spaz> Because of Y2K, all of the computers are going to fail, the power grid will collapse, and angry mobs will be running through the streets killing your pets and eating your children!!!! And they're going to drink your Guinness! </P>
Answer:
Because of Y2K, all of the computers are going to fail, the power grid will collapse, and angry mobs will be running through the streets killing your pets and eating your children!!!! And they're going to drink your Guinness!
Of course, these leads to the next obvious question: what happens if I do this?
<STYLE type="text/css">
P {color:blue}
P.spaz {font-style:italic}
P.guinness {color:red; text-align:center}
</STYLE>
and have a paragraph like this:
Clearly the paragraph can't be both red and blue. In these instance, the most specific style rule is always applied (overriding the global behavior):<P CLASS=guinness> I would really like to have a big Guinness right now. </P>
I would really like to have a big Guinness right now.