In Area Navigation (RNAV), what is the difference between a 'fly-by' waypoint and a 'fly-over' waypoint?

1. A fly-by waypoint allows the aircraft to turn before the waypoint to intercept the next leg; a fly-over waypoint requires the aircraft to cross directly over the waypoint before initiating the turn
2. A fly-by waypoint is only used for VFR flights; a fly-over waypoint is for IFR flights
3. A fly-by waypoint does not require GPS coordinates; a fly-over waypoint does
4. A fly-by waypoint has a larger horizontal tolerance window than a fly-over waypoint