wait:in wait point,though the job is completed less than 
the specified time,it will wait for the specified time to 
be elapsed and then only we will have the result summary.

synchronization:but in this case once the job has been 
completed,we can immediately get the result sheet.it wont 
wait for the specified time to be elapsed.

example:
suppose we have one job which takes 5secs to complete.
by using this 
wait(10)->though the job is completed within 3secs,it will 
wait til 10secs and then we will havethe result sheet

by using this synchronization time as the same 10secs,once 
the job is completed within 3secs,it will not wait for the 
remaining 7secs,after 3secs it will immediately give the 
result sheet

what ever you said is absolutely right

when you use wait command, the tool waits for the given 
time and moves on even if the object has not appeared. 
Whereas synchronization point waits until it sees the 
object.

object may appear sooner or later than the given wait time.
If the object appears sooner than it has wait until it 
reaches the given time or if the object appears later than 
the test fails. So it is always a better bet to use 
synchronisation point.