Here's my take -- mostly accurate -- but not too ficitional.
"Scanning" is stepping through fixed frequencies one at a time. If you catch a radio comm on a fixed frequency, your "Delay" setting is what the scanner uses to 'follow' the comm that remains fixed on this channel. If the parties keep talking within the delay timeframe, the scanner stays on the channel, and once the delay expires, the scanner moves on.
"Trunking" is the action of a Trunked Radio System which
dynamically allocates a frequency (from a bank of available frequencies) to a talkgroup when activated. During the entire communication, it may switch frequencies a few times without you knowing it. However, you can press a hotkey on your scanner and hold the talkgroup.
Most scanners can scan; it's the type of trunked systems that differentiate brands and models.
Example: Take Ingham County, MI -- which is undergoing a conversion from conventional
http://www.radioreference.com/modules.php?name=RR&ctid=1259 to EDACS:
http://www.radioreference.com/modules.php?name=TRSDB&sid=2849
Right now you can set up conventional channels (the green colored column listed as "Ingham County") and monitor by scanning. Or you can program the EDACS System (first, the channels and then the talkgroups below) and follow by trunking.
Consult the Wiki link above or your documentation for more details on Trunks.
A quick look-through of some states seem to show that US Railroads use conventional channels. So you would program a bank in your scanner using the frequencies in the green column to start, and use the Description to add alpha tags so you can follow comms.
You can then program remaining banks for trunks, and even combine a TRS and a number of conventional channels in the same bank -- with limitations. Consult your product documentation.
HTH, Mike