One really important distinction to keep in mind, which is related to Milan Novota's answer, is that callbacks on an ActiveRecord have the ability to cancel the action being called and all subsequent callbacks, where as observers do not.
class Model < ActiveRecord::Base
before_update :disallow_bob
def disallow_bob
return false if model.name == "bob"
end
end
class ModelObserver < ActiveRecord::Observer
def before_update(model)
return false if model.name == "mary"
end
end
m = Model.create(:name => "whatever")
m.update_attributes(:name => "bob")
=> false -- name will still be "whatever" in database
m.update_attributes(:name => "mary")
=> true -- name will be "mary" in database
Observers may only observe, they may not intervene.
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