Units
Units are the basic building blocks of a Spade project, they correspond to modules in Verilog, and entities in VHDL. In Spade units come in three flavors: functions, pipelines and entities.
You can see explicit examples of this in the guide-level documentation.
Functions
Functions are combinational circuits (or pure, in software terms), that is they have no internal state, and can not read or set mutable wires.
Pipelines
Pipelines have a specified delay between input and output, and have explicit staging statements.
Entities
Finally, entities are the most general units, they can have state, and the input-output delay is arbitrary. They therefore have roughly the same programming model as VHDL and Verilog.