What is the difference in <%: variable%> and <%= variable%> in ASP.NET MVC?

With many folks adopting ASP.NET MVC as well as Visual Studio 2010, there is a fairly confusing change if you are one of those people who doesn’t engage in the alpha and beta phases of new product releases from Microsoft or any other vendor, for that matter. The issue of <%: vs. <%= has had a great deal of discussion around it in the years leading up to the Visual Studio 2010 release.  This new