I believe the main (only?) different is inheritance:
class T < S
end
p T.k
=> 23
S.k = 24
p T.k
=> 24
p T.s
=> nil
Class variables are shared by all "class instances" (i.e. subclasses), whereas class instance variables are specific to only that class. But if you never intend to extend your class, the difference is purely academic.