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Can someone explain in detail the exact differences between 2 way transactional replication and peer to peer replication?

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It would probably be helpful if you specified what database software you are talking about. – ers81239 Sep 18 '12 at 15:58
-1 since your question is way to widely scoped to be answered here. If you have some specific questions, that would help. – Max Vernon Sep 25 '12 at 18:42

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generally transactional has a publisher and a subscriber, with some updating from the subscriber, peer to peer replication shares the same data in more of a node environment (often over long distances) and would be more suitable for load balancing.

I'd go straight to technet for the overview http://technet.microsoft.com/en-us/library/ms151196.aspx

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