Runout controls position but also the form (shape) of the part. Think of it this way: Suppose I have a part that is well-centered, but instead of perfectly round, it is slightly oval. A position tolerance might say that it's fine, but runout will check the "wobble," and thus the oval shape will be detected by runout and probably cause it to be rejected.
John-Paul Belanger
Certified Sr. GD&T Professional
Geometric Learning Systems