Details

Compile generates a CompiledFunction object that can be executed by applying it to appropriate arguments.
CompiledFunction objects that are constructed explicitly can also be executed. Basic consistency checks are done when such objects are first evaluated by the Wolfram Language.
The code in a CompiledFunction object is based on an idealized register machine.
A CompiledFunction object can additionally refer to natively compiled code.

Examples

CompiledFunction objects are generated by Compile:

Wolfram Language code: {f, cf} = {Function[{x, y}, Sqrt[x y]], Compile[{x, y}, Sqrt[x y]]}

CompiledFunction objects can be used as normal Function objects:

Wolfram Language code: {f[1., 2.], cf[1., 2.]}

Arguments are coerced, if possible, to be approximate real:

Wolfram Language code: {f[1, 2], cf[1, 2]}

When exceptional values are encountered, the uncompiled function is used:

Wolfram Language code: {f[-1, 2.], cf[-1, 2.]}

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