I believe that a Grail is a term used differently depending on the person...
I have multiple "Grail" items - my last few sea pony shells, South African Seashell...
But I also use the term for ponies who aren't so rare who I've just really been looking for... At the time being though, most of the time the ponies I seek are rare anyway, so... grail and rare tend to go hand in hand for me.