Should have been clear, but was not:

NSString *s = @"aString";
s = @"anotherString";
NSLog(@"%@", s);
// anotherString

NSMutableString *m = @"aMutableString";
[m appendString:@"andAnAppendedString"];
NSLog(@"%@", m);
// aMutableStringandAnAppendedString

NString allows for the replacement of its whole content by simply assigning a new value.

With NSMutableString it is possible to add/delete/insert strings at arbitrary places in a string.