What exactly is the difference between potions and elixirs? After the last SoMN event, I find myself in possession of both and was wondering what the difference was and if it is significant to a non-alchemist such as myself.
Potions are magical in nature, whereas elixirs are alchemical poisons (even if they are considered beneficial). The practical differences are rare, but not non-existent. Some that I can think of off the top of my head:
Elixirs can be mixed into food/beverage, whilst potions cannot. (Note, only certain elixirs can be mixed into things.)
McShady, a dirty-rotten alchemist hoping to knock someone out and take their stuff, somehow convinces his a nearby dwarf to drink a Sleep Elixir under some pretenses. Since it is an alchemical poison, the dwarf chugs it and says "Resist!" before promptly beating McShady up for his attempt. The next day, McSketchy, a good-for-nothin' potion maker, somehow convinces the same dwarf to drink a Sleep Potion. Since it is not a poison, the dwarf can't resist it, forcing him to fall into magical sleep. McSketchy loots him blind and skips town.
Now this one is super-rare and mostly hypothetical: You might come across a creature that is immune to Earth effects but not to the Healing effect group. Such a creature would be immune to Cure Light Wounds potion, but would be healed by a Cure Light Damage elixir.