Is there much of a difference between SharePoint's Task List vs the Custom List? I know a Task List offers a Timeline that can be customized, whereas the Custom List does not. Other than that they look identical.
I am using SharePoint 2013.
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I dont think there is any difference because at the end both are lists.Only difference I am seeing is.
Task list comes with pre-defined content type and columns, There are many Lists MSFT already design for end users needs. other examples are announcement list,Links list, contact lists etc.
Where as custom list come with some basic columns once you create it. But you can add the column and content type, customized it according to your needs.
Custom List associated with "Item" content type and Task list associated with "Task" content type.
Content type is collection of site columns.When you add content type in list all column will be available in list.You can add more list columns.
Item content type have only one Site column "Title".This is the reason newly created custom List have "Title" column.
I think with task list you can synchronize sharepoint tasks with outlook 2013.