According to the docs on Subject, it's a special case of Observable that lets all the observers share a common execution path. The example shows that each observer gets the same emitted values after it's subscribed to the source.
I'm not entirely clear on how it differs from a case of a plan Observable emitting values. Every one of the multiple subscribers will receive each next'ed value. The values that have been emitted prior to respective subscription aren't delivered (unless we have pipe'ed in some shareReply'ing of those explicitly).
What's the actual difference making Subject a special case of Observable? I'm missing the obvious, possibly.