Database Software

I use oracle enterprise 10.2.0.1

I am trying to convert our ArcSDE that sit on top of oracle RDBM database, which is used to display the earth map to oracle spatial database. I have longitude, latitude and altitude data for an Area (Rectangle shape) that I would like to insert into a GEOM type column. I've been going through the spatial reference guide, which has a lots of information. My question is can I use this stmt to insert data for a rectangle shape with longitude/Latitude data?

INSERT INTO target_point VALUES(
1,
'cola_a',
MDSYS.SDO_GEOMETRY(
2003, -- 2-dimensional polygon
NULL,
NULL,
MDSYS.SDO_ELEM_INFO_ARRAY(1,1003,3), -- one rectangle (1003 = exterior)
MDSYS.SDO_ORDINATE_ARRAY(1,1, 5,7) -- only 2 points needed to
-- define rectangle (lower left and upper right) with
-- Cartesian-coordinate data
)
);

I also want to know what is the different between this and the following stmt, which store all the vertices?

INSERT INTO cola_markets_cs VALUES(
1,
'cola_a',
SDO_GEOMETRY(
2003, -- two-dimensional polygon
8307, -- SRID for 'Longitude / Latitude (WGS 84)' coordinate system
NULL,
SDO_ELEM_INFO_ARRAY(1,1003,1), -- polygon
SDO_ORDINATE_ARRAY(1,1, 5,1, 5,7, 1,7, 1,1) -- All vertices must
-- be defined for rectangle with geodetic data.
)
);


I am new to spatial database and trying to learn. Appreciate any help.

thanks