The difference between an ActiveX EXE and an ActiveX DLL is that the former runs in its own process (out-of-process), while the latter lives in the same process as the program that called the DLL (in-process). An ActiveX Component (as proposed in VB5 when starting a new project) is meant to be an object with a visual interface that you can add on a form, while an EXE/DLL is meant to be an abstract object, with pure code. I think that an "ActiveX EXE/DLL Document" (files are .DOB, and the compiled output is .VBD) was Microsoft's first shot at creating web applications with VB, ie. a proof of concept for VB.Net.
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