Asphalt resurfacing is the process of installing.... a new layer of asphalt over the existing asphalt pavement. This new layer is generally 1.5 - 2 inch in depth and a layer of chemical bonding agent is sprayed over the old pavement before applying the new asphalt.
A parking lot or driveway could be resurfaced when the surface has become heavily oxidized but the base (also known as sub-base) remains in stable condition. You can resurface over thin cracked pavement but the cracks must be filled with a hot rubberized sealant.
Alligator cracks require much more work to repair. If a small area has alligator cracking, it can be fixed before resurfacing. If the entire lot has alligator cracking, complete pavement reconstruction (not just resurfacing) is probably necessary.
Asphalt of different quality is used for example, for a residential asphalt driveay that will have a more fine crushed stone an comparison to the commercial quality asphalt using larger crushed stone in the asphalt.
The fundamental condition of the driveway isn't always the driving factor in replacing it. In some cases, the driveway completes the look of the house or commercial parking lot.
Resurfacing will give you that look and value for years at a fraction of the cost of completely replacing the pavement.