Assuming a team site in SP 2010 enables publishing, then are the features of both available? Such as content query web part and also the announcements web part?
Does this then mean either a team site or a publishing site can be created?
Yes, any features you enable are available in your site. So if you have a Team Site and enable the publishing feature, the feature adds the necessary supporting artifacts to run in the Team Site. I generally prefer to go with this method vs creating a Publishing Site as they can cause headaches down the road.