In an effort to simplify the classification of pure entangled states of multi (m) -partite quantum systems, we study exactly and asymptotically (in n) reversible transformations among n'th tensor powers of such states (ie n copies of the state shared among the same m parties) under local quantum operations and classical communication (LOCC). With regard to exact transformations, we show that two states whose 1-party entropies agree are either locally-unitarily (LU) equivalent or else LOCC-incomparable. Asymptotic transformations result in a simpler classification than exact transformations. We show that m-partite pure states having an m-way Schmidt decomposition are simply parameterizable, with the partial entropy across any nontrivial partition representing the number of standard ``Cat'' states (|0^m>+|1^m>) asymptotically interconvertible to the state in question. For general m-partite states, partial entropies across different partitions need not be equal, and since partial entropies are conserved by asymptotically reversible LOCC operations, a multicomponent entanglement measure is needed, with each scalar component representing a different kind of entanglement, not asymptotically interconvertible to the other kinds. In particular we show that the m=4 Cat state is not asymptotically interconvertible into any combination of EPR pairs shared among the parties. Thus, although the m=4 cat state can be prepared from bipartite EPR states, the preparation process is necessarily irreversible. An open question is whether all states with equal partial entropies are asymptotically interconvertible, even in cases (eg 2GHZ vs 3EPR) where we can show they are not exactly interconvertible.