What are functional differences between DEBUG = True and False in Django?

Question

What precisely are the functional differences between toggling the DEBUG setting in a settings.py file of a Django app?

I first assumed

Answer 1

As of Django 1.6.2 it has been identified before that import errors are not necessarily caught in DEBUG=True but certainly are in DEBUG=False

Simple example: Try importing your app's settings.py (import yourapp.settings) into one of your views and then try referencing a non-existent variable: settings.var_that_does_not_exist. This will only be an issue (causing status 500 errors) for when DEBUG=False for any views that reference that non-existent variable.