Hi Tony,
Hopefully this won't confuse you, but I was thinking another person's perspective may help you to understand these terms.
The panes to which you refer are not editable themselves. Think of them as a template for the layout of your page. They give you flexibility as to how your content is placed on a page. If you need a left-side menu on your page, some content in the middle and an ad banner on the right side, then you would probably use the LEFT PANE, CONTENT PANE and RIGHT PANE for these purposes. If you had some content that needed to span the width of the whole page above or below these, then you could additionally make use of the TOP and BOTTOM panes. As I said, think of them as templates for the layout of your content.
Modules on the other hand are programs which are built to provide you with a container in which you place specific content. So, the most commonly used one, being the TEXT/HTML module, provides you with a text box in which you can place any text including valid HTML. So the page you refer to contains one such module and inside this are a few pictures and some text. This Text/HTML module can contain as much content as you want, so you could have a web page that needs to scroll as there's so much in it, but all of that content could be contained in one text/HTML module. Or, on the other hand, you could have more than one text/HTML module placed one one top of the other within the same PANE.
Personally, I try not to just put all of my page content into one Text/HTML module. I create one module for each block of relevant content. That way, it can be easier to change the style of the content, or delete the content, or even give other people access to edit part of the content.
Another module example is a Links Module. It again is a container that you place on your page inside a PANE (in my scenario above, it would ideally go in the LEFT PANE). Its purpose is to render a list of links to other pages on your site or external links, the choice is yours. The point is, it's another program that provides encapsulated functionality in the form of a container.
So, in summary, a PANE is a positional template to help you in laying out your page. A Module in encapsulated functionality designed to present your content on your page in a specific way.
Feel free to ask for clarification on any of these points, but I hope that's helped a little!