via tested.com
As you might expect, handling email bounces and subscriber statuses is a complicated balancing act undertaken by email service providers like ExactTarget. Hard bounces, soft bounces, held status, unsubscribed, undeliverable — what do these really mean?
First of all, it means that subscriber statuses are not simply active or unsubscribed, which is sometimes difficult to explain to marketers — especially when they are scrutinizing subscriber reporting and statistics. There are a couple of pages that on the ExactTarget help site that outline their bounce management process. The one that I’ve found most helpful is this one:

If you’re just looking for an overview, here’s a 3Sixty video tutorial on the subject.
Keep in mind that there are different kinds of unsubscribes:
- list unsubscribe
- master unsubscribe
- global unsubscribe
Here is more info on that.
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