Powdered, also called “setting-type” compound comes in standard and lightweight formulas with different setting times (20 to 90 minutes). This is a good product for filling large gaps between sheets because it dries faster. I keep a bag around for small repair jobs.
But premixed all-purpose (“drying-type”) compound is the product of choice for most finish work. It can be used straight from the big 5-gallon bucket with just a brief stir (but don’t overstir or you will introduce air bubbles that will be evident once the compound dries).
Photo © Jeff Beneke