When TPC refreshes the drawing, it redraws each object. You might choose refresh a drawing if a command has left some objects partially un-drawn.
When TPC regenerates a drawing, it tells each object to recompute its data and drawing region, and then redraws the drawing. Regenerate is important for objects like legends and line tables that automatically update themselves based on the settings you have selected for them.
If the drawing or some objects in the drawing are not behaving the way you think they should, try regening the drawing, then check the behavior again.
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Related Topics
Drawing, Traverse and Object Settings
Paper Space vs. Survey Space
Scaling a Drawing in Drawing View
Page Layout Mode
Using Drawing View
Smart Drawing Objects
Working with Drawing Objects
Drawing Commands