If a person is salary do they get paid 40 hours per week and no overtime?
If they are hourly they only get paid the hours they work including overtime at time and a half.

I have been both salary and hourly and that is how it always worked for me.

That is it in a nutshell, yes. Salaried employees though often work 50-60 hrs a week. Some get comp time and some do not. Even then, getting the comp time and getting to take the comp time can be two different stories.

Yeah I don't get overtime since my current position is salaried but I can leave pretty much whenever I want since I work a lot of hours and travel a lot for the company. So it pretty much works it's self out.