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This is for people to rate your content, whether it be a normal blog post about your company or a product your selling, this allows users to rate the quality of the content of your blog.
Comments are for people to post responses to your blog posts. All blog posts can have them, but they do not have to if you don’t want. All posts need to be approved before you can allow anyone to see them; this is to prevent unwanted or malicious users from posting unwanted comments on your site.
This is just allowing anyone to post on your site, whether they are members of your site or not. Posts still have to be approved regardless of who posts them however.