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Hi Eric,
When you publish from ArcGIS Desktop, a Service Definition will be uploaded to ArcGIS Online and published as a Feature or Tiled Service.
Hope that helps,
Andrew
However, what can one do with it after that? You can download the Service Definition but nothing else unless you have ArcGIS Server, right? So what I'm getting at here is much like how we can currently instantly create a hosted feature service under My Content on ArcGIS online with a Shp or CSV file, it would be even better if we could do this with a Service Definition File.