The delegate method is waste?

The delegate method is waste?

Here said
  1. $("table").delegate("td", "hover", function(){
  2.     $(this).toggleClass("hover");
  3. });
is same to
  1. $("table").each(function(){
  2.     $("td", this).live("hover", function(){
  3.         $(this).toggleClass("hover");
  4.     });
  5. });
But I think it is also same to
  1. $("table td").live("hover", function(){
  2.     $(this).toggleClass("hover");
  3. });
Thus the method delegate is waste, right?