This is a follow up to my earlier questions on coinduction and bisimulation.
A relation $R \subseteq S \times S$ on the states of an LTS is a bisimulation iff $\forall (p,q)\in R,$ $$ \begin{array}{l} \text{ if } p \stackrel\alpha\rightarrow p' \text{ then } \exists q', \; q \stackrel\alpha\rightarrow q' \text{ and } (p',q')\in R \text{ and } \\ \text{ if } q \stackrel\alpha\rightarrow q' \text{ then } \exists p', \; p \stackrel\alpha\rightarrow p' \text{ and } (p',q')\in R. \end{array} $$
This is a very powerful and very natural notion, after you come to appreciate it. But it's not the only notion of bisimulation. In special circumstances, such as in the context of the $\pi$-calculus, other notions such as open, branching, weak, barbed, late and early bisimulation exist, though I do not fully appreciate the differences. But for this question, I want to limit focus just two notions.
What are late and early bisimulation and why would I use one of these notions instead of standard bisimulation?