Still, on Windows 7, BAT files have also this difference : If you ever create files TEST.BAT and TEST.CMD in the same directory, and you run TEST in that directory, it'll run the BAT file.
C:\>echo %PATHEXT%
.COM;.EXE;.BAT;.CMD;.VBS;.VBE;.JS;.JSE;.WSF;.WSH;.MSC
C:\Temp>echo echo bat > test.bat
C:\Temp>echo echo cmd > test.cmd
C:\Temp>test
C:\Temp>echo bat
bat
C:\Temp>