The difference is the so called "wet" bearings are sleeve bearings, where oil is between the sleeve in the casing and the shaft, the shaft floats on this on, the other sort the ball bearing is a traditional bearing race with a inner and outer race, with ball bearings between the two.
The wet floating sleeve bearings are slower to spool as they are not as "free" as the ball bearing type, ie there is more friction, there's massively less friction with the ball bearing type.
A few big name companies are now working on AIR suspended shafts so even less friction.
Of course the term 360 degree bearing is what the ball bearing type is, ie all the way around, but is also used to describe, turbos that were originally the std 270 degree converted to a full circle bearing surface.
tabetha