As far as I can tell, these two pieces of javascript behave the same way:
Option A:
function myTimeoutFunction()
{
doStuff();
To look at it a bit differently: setInterval insures that a code is run at every given interval (i.e. 1000ms, or how much you specify) while setTimeout sets the time that it 'waits until' it runs the code. And since it takes extra milliseconds to run the code, it adds up to 1000ms and thus, setTimeout runs again at inexact times (over 1000ms).
For example, timers/countdowns are not done with setTimeout, they are done with setInterval, to ensure it does not delay and the code runs at the exact given interval.