Q: I'm a bit confused. I see in the release notes that iClient360 has been ported into iMember360. The iClient documentation says that iClient360 is programmed to be used as a "stand-alone" application
A: There is a stand-alone version of iClient360 which requires a separate installation. That version will continue to exist because it allows centralized management for clients who operate multiple sites, rather than having to manage events and setup triggers on each individual site.
What has been ported to iMember360 is most of the functionality of iClient360 into iMember360. Once you install/update to the latest iMember360 version, you will automatically have that functionality at your disposal and the shortcodes through which you can add the same to your pages.
So, essentially, two products whereby one (iMember360) includes most of the functionality of the other (iClient360).