A multi-knot is multiple edit points at the same location in space.
CV multiplicity is multiple CVs at the same location in space.
Multi-knots are usually the result of curve or surface editing operations that require a sharp turn in a curve. You create CV multiplicity by manually placing adjacent CVs in the same location (using the Magnet tool).
Multi-knots and CVs with multiplicity are generally undesirable. Some tools (such as Rail Surface) cannot work with them, and many CAD packages do not accept models with multi-knots.
Multi-knots and CV Multiplicity achieve similar effects, even though they are different mathematically.
Multi-knots eliminate one level of automatic continuity for each extra edit point.
For example, a degree 3 curve normally has curvature continuity (G2) at edit points.
Only the intrinsic continuity is lost. As with Bezier curves, clever placement of CVs can restore continuity.
Alias only creates full multiplicity knots, that is knots which have a multiplicity equal to the degree of the curve.