The /o modifier is used when you only want the pattern compiled once. So in the second pattern, $x will not be incremented and as such, only matches once.
Update: Okay, I promise to read the questions in full before replying from now on (and this time I mean it! ;-). So to answer your actual question...
The difference between qr// and the /o modifier as I understand it is that with /o you can never change the pattern, whereas with qr// you can compile the pattern to be used as part of a larger regex. As the good book shows:
@regexes = ();
for $pattern (@patterns) {
push @regexes, qr/$pattern/;
}
for $item (@data) {
for $re (@regexes) {
if ($item =~ /$re/) { print "Matches!\n"; }
}
}
I Hope that's slightly more helpful :).