Presentations and Notebooks are similar in concepts in that they both are good ways to organize materials for a certain issue or witness, but they can serve very different purposes.
Notebooks are for organizing or printing things in a certain order. Everything in a notebook retains its original ID only. Presenting from a notebook is like presenting from Documents. You must select the ID and "publish it" to LIVE each time you want to change the document.
Presentations allow you to put items in the order you'd like to present them, and assigns them a new ID (e.g. OPEN.1, OPEN.2, etc) that allows you to move through it in LIVE mode using just arrow keys.