i don't know if i've asked this question right, but for example i have domains in godaddy.com. note: "mydomain" refers to the domain name i bought...

in the config of the domain i can modify either the "Host Summary" they call it which reads:

NS1.MYDOMAIN.COM
208.109.84.72
Last Updated: 11/29/2006

NS2.MYDOMAIN.COM
208.109.84.72
Last Updated: 11/29/2006

then there is the "Name Server" section which reads:
NS1.MYDOMAIN.COM
NS2.MYDOMAIN.COM



i'm confused which one is the important one. some domain hosting companies only let you fill in 1 of these. so what's the point of having NS1.MYDOMAIN.COM when i can just have the IP there 208.109.84.72...

The first allows you to match a nameserver with an ip address (say to register a nameserver)

The second part allows you to choose which nameservers you use (those nameservers should already be registered)

Does that make things clearer ?

I agree this can be confusing at the beginning.
best regards