I found out myself.
The difference between my examples is not very obvious on the first glance, but if the example had been a little more complex it would have made sense.
The following extension clarifies the differnces:
<xsd:element name="XList">
<xsd:complexType>
<xsd:sequence>
<xsd:element name="X" type="xsd:token"
minOccurs="1" maxOccurs="1"/>
<xsd:element name="Y" type="xsd:token"
minOccurs="1" maxOccurs="1"/>
</xsd:sequence>
</xsd:complexType>
</xsd:element>
leads to
<XList>
<X>Only X</X>
<Y>Only Y</Y>
</XList>
whereas
<xsd:element name="XList">
<xsd:complexType>
<xsd:sequence>
<xsd:element name="X" type="xsd:token"
minOccurs="1" maxOccurs="unbounded"/>
<xsd:element name="Y" type="xsd:token"
minOccurs="1" maxOccurs="unbounded"/>
</xsd:sequence>
</xsd:complexType>
</xsd:element>
leads to
<XList>
<X>First X</X>
<X>Second X</X>
<X>Third X</X>
...
<Y>First Y</Y>
<Y>Second Y</Y>
...
</XList>
and
<xsd:element name="XList">
<xsd:complexType>
<xsd:sequence minOccurs="1" maxOccurs="unbounded" >
<xsd:element name="X" type="xsd:token"
minOccurs="2" maxOccurs="2"/>
<xsd:element name="Y" type="xsd:token"
minOccurs="1" maxOccurs="1"/>
</xsd:sequence>
</xsd:complexType>
</xsd:element>
leads to
<XList>
<X>First X</X>
<X>Second X</X>
<Y>First Y</Y>
<X>Third X</X>
<X>Fourth X</X>
<Y>Second Y</Y>
...
</XList>
and
<xsd:element name="XList">
<xsd:complexType>
<xsd:sequence minOccurs="1" maxOccurs="unbounded" >
<xsd:element name="X" type="xsd:token"
minOccurs="1" maxOccurs="unbounded"/>
<xsd:element name="Y" type="xsd:token"
minOccurs="1" maxOccurs="unbounded"/>
</xsd:sequence>
</xsd:complexType>
</xsd:element>
leads to
<XList>
<X>First X</X>
<X>Second X</X>
<X>Third X</X>
...
<Y>First Y</Y>
<Y>Second Y</Y>
...
<X>Fourth X</X>
<X>Fifth X</X>
<X>Sixth X</X>
...
<Y>Third Y</Y>
<Y>Fourth Y</Y>
...
</XList>