Exactly what it says.
A delivery codec is exactly that. A codec used for delivering the final product. It is encoded in such a way as to retain as much quality as possible in as small a filespace as possible. They don't record every individual frame. At 30fps, it may have 1 complete frame every second, then 29 frames of "changes to the previous frame" in order to concentrate on just the detail, leaving parts of the scene that don't move, or are just background blurs to their display the same thing for several frames in a row. This means that in editing software, you might see 5 or 6 identical frames next to each other (even though they're actually not when played back in something like Media Player). DivX, H.264, MPG2, they're all 8Bit delivery codecs. They're not designed for editing.
An editing codec is also exactly as the name suggests. It's a codec specifically designed to keep as much of the original information as possible, using complete frames.
An h.264 @ 30fps, as I said above, may only be 1 complete frame per second, then sets of instructions like "in frame 2, this group of pixels moved from here to here", "in frame 3, that group moved again to here, and this group of pixels moved to here". Obviously it's a little more technical than that, but that's basically how it works.
A DNxHD file on Frame 1 it would load a complete image, on Frame 2 it would load a different complete image, on Frame 3 it would load a different complete image, and so on.