What is the difference between const and readonly?

public class Const_V_Readonly
{
  public const int I_CONST_VALUE = 2;
  public readonly int I_RO_VALUE;
  public Const_V_Readonly()
  {
     I_RO_VALUE = 3;
  }
}

public const int CM_IN_A_METER = 100;

public readonly float PI = 3.14;

public class Const_V_Readonly
{
  public const int I_CONST_VALUE = 2;
  public readonly char[] I_RO_VALUE = new Char[]{'a', 'b', 'c'};

  public UpdateReadonly()
  {
     I_RO_VALUE[0] = 'V'; //perfectly legal and will update the value
     I_RO_VALUE = new char[]{'V'}; //will cause compiler error
  }
}

public class Sample {
    private readonly string ro;

    public Sample() {
        ro = "set";
    }

    public Sample(string value) : this() {
        ro = value; // this works even though it was set in the no-arg ctor
    }
}

var fi = this.GetType().BaseType.GetField("_someField", BindingFlags.Instance | BindingFlags.NonPublic);
fi.SetValue(this, 1);

public static class Text {
  public const string ConstDescription = "This can be used.";
  public readonly static string ReadonlyDescription = "Cannot be used.";
}

public class Foo
{
  [Description(Text.ConstDescription)]
  public int BarThatBuilds {
    { get; set; }
  }

  [Description(Text.ReadOnlyDescription)]
  public int BarThatDoesNotBuild {
    { get; set; }
  }
}