We have to make sure we're being strict on the conjunction, remember P AND I is different from P OR I.
As for the original meaning of the Article 4 section 2 Privileges AND Immunities, http://en.wikipedia.org/wiki/Corfield_v._Coryell
This wiki page for Corfield v Coryell quotes the two paragraphs allegedly used the most often- In fact I linked to the full case above. The guy who wrote the judgement/opinion in the case was George Washington's Nephew, he was a Virginia delegate, a Virginia Delegate for ratification, and- when he wrote the opinion an Associate Supreme Court Justice "riding Circuit" as they were supposed to do way way back when.
The quoted passage starts with almost the best possible definition:
The inquiry is, what are the privileges and immunities of citizens in the several states? We feel no hesitation in confining these expressions to those privileges and immunities which are, in their nature, fundamental; which belong, of right, to the citizens of all free governments; and which have, at all times, been enjoyed by the citizens of the several states which compose this Union, from the time of their becoming free, independent, and sovereign.
Also added a new part to this title, to go along with Spat's Primer, as we get further out from that Primer for things like Slaughterhouse, etc. we can name the things Con Law 101 - Whatever the question is; and if it works out, move selected passages to the Primer as we settle on the best explanation for the laymen like me.