Riblets
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Riblets seem to be one of the more confusing terms in the meat market. The actual riblet is the portion of a loin back rib (or baby back rib) that is cut off at the top (nearest the back bone) to give the rib a more uniform look. Loin back ribs don't always have this removed. When not removed they have a rounded look to them and are often referred to as baby back ribs. Riblets used to be thrown out by butchers, but have become popular due to their excellent flavor and lower cost.
Button ribs are often confused with riblets mostly because this is what Applebee's sell as "riblets." In fact, what Applebee's sell are found just past the ribs near the back bone. This piece of meat actually has no bones (ribs), but instead have "buttons" of cartilaginous material with meat attached.
Rib tips (or brisket) are found at the bottom of the spare ribs by the sternum. The rib tips have great flavor, but are often hard to eat because of cartilage that seems to go in every direction. The rib tips give the spare ribs a rounded appearance. In an attempt to make the meat have a more uniform appearance, and become easier to eat, this piece is sometimes removed, and the remaining spare ribs are referred to as St. Louis style ribs.
Information on button ribs and rib tips can be found in the pork ribs page.
There are many sites on the web with all kinds of misinformation on this topic. One that is very accurate can be found here [1].