infinite product module, inverse limit module, dichotomy of finite or uncountable generation, homomorphism to infinite direct sum, left perfect ring; infinite symmetric group, finite generation of power or ultrapower of an algebra over the diagonal subalgebra.URLs of this preprint: http://math.berkeley.edu/∼ gbergman/papers/P vs cP.{tex,dvi,ps, pdf} (i.e., four versions, .../.tex, .../.dvi, .../.ps and .../.pdf).Comments, corrections, and related references are welcomed, as always!