This article is from the DVD Formats FAQ, by jtfrog@usa.net (Jim Taylor) with numerous contributions by others.
Usually. CD-Rewritable (Orange Book Part III) has a lower reflectivity
difference, requiring new automatic-gain-control (AGC) circuitry. CD-RW
discs can't be read by most existing CD-ROM drives and CD players. The new
"MultiRead" standard addresses this, and some DVD manufacturers have
suggested they will support it. The optical circuitry in even
first-generation DVD-ROM drives and DVD players is usually able to read
CD-RW discs, since CD-RW does not have the "invisibility" problem of CD-R
(see 2.4.3).
Current writable DVD drives (see 4.3) can't record on CD-RW, although
future versions may be able to.
 
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