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Mist DApp Browser (browser)
Mist is the browser for decentralized web apps. What Mozilla Firefox or Google Chrome are for the Web 2.0, the Mist Browser will be for the Web 3.0 (which will be decentralized).
Mist is still in heavy development (for instance it’s not recommended to visit untrusted DApps until the full security audit is done). You can find the releases to date here. The current release allows you to open any Ethereum DApp with the Mist Browser (with the disclaimer above).
Ethereum Wallet DApp (a bundle of the Mist browser with a single Dapp: the wallet.)
All other releases of ‘Mist’ are no Mist releases at all, but a bundle of Mist Browser with a single DApp: The Ethereum Wallet, also known as the Meteor DApp Wallet.
These releases are therefore called Ethereum Wallet as it only offers a bundle of the Mist browser with a single DApp: the wallet.
The future, with Metropolis release, will provide a full Mist Browser able to open any DApp available out there. The Ethereum wallet will only be one among them.
