Below are explanations and examples of what the difference is between The Last Content Modification date and the Last Modification date in the Public Folder reports.
The "Last Modification date" is when the Folder is modified in any way. For example: if it is adding a SMTP address or modifying permissions.
The "Last Content Modification date" is the date and time of the most recent item in the folder. For example: If you had 2 emails in the folder and one was sent to it Yesterday and one was to it last week, The Last Content Modification date would be the one that was sent yesterday.
If the one from yesterday was removed from the folder then The Last Modification Date would be from the one sent last week.