Well, obviously the bigger one are higher quality (higher bitrate). The image itself may look just as good on the small one, but the actual size of the picture will be bigger, so you can go full-screen with no problems. 534 (or something like that) and up (640 and 712 are common widths as well) is pretty standard for a 700mb file and you can throw it on a VCD. Finally, the smaller ones are usually ASF files, which tend to get terrible audio sync problems, either due to crappy encoding, the players or the format itself.
Standard movies (~2 hours) will usually come on 1 or 2 cds (700mb+ files). At 2 cds you're looking at pretty good picture quality (few artifacts) and good sound, maybe even an AC3 track.
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