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From the babble page:
What is Babble?
Babble is an Internet mailing list devoted to discussion of the musical group The Cure. It was started in 1991 to take the place
of other-voices (my previous cure mailing list, which I started in April 1989), and was run first by Pete Ashdown and then Matt
Hodges. Matt graduated in the summer of 1993, and since no one else wanted to run the list, I decided to take over again. That
incarnation of Babble ran until August of 1996.
From the Descent mailing list page:
Descent was created for and is devoted to discussion of The Cure. Its volume fluctuates from anywhere between 10 messages a day and 50, depending on what's going on with the band and within the list itself.
From what I can tell, babble is more free form (read, more chat roomish) and Descent is more information-only.