Can somebody please explain the difference between the "Show Only" and the "Hide Others" functionality?
When you use them in 3D, they do the same thing. But if you use the object list for selecting things, things change a little as there you can select both visible and hidden objects. In that case "Show Only" will turn the selected object visible and hides others. But "Hide others" will hide all visible others, but it will not make visible those that were hidden and selected.
i.e. "Hide Others" will just hide objects, while "Show Only" can also make object visible.
Hopefully this makes it clear.
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