The ratings are the color of the lights.
Technically speaking, the ratings are 10,000 K, 15,000 K, and 20,000 K, but people often use the short-hand. BTW, the K stands for Kelvin, which is a temperature measurement. A 10,000K bulb (theoretically) gives off the same color light as a black object that is heated to 10,000 Kelvin (roughly 17,500 degrees F).
In practical terms, 10K lights are white with maybe a little yellow. 15K lights are white w/ blue tint. 20K lights are pretty blue. The more blue the lights the better some corals color up (usually). However, the light intensity drops as the lights get bluer (is that a word?). Again, this is typical...some bulbs may vary.
Check out the work done by Sanjay on bulbs. The second post in this forum should give you the link. He has really good information on intensity and color spectrum.
As for wattage, it determines the basic light intensity. 400W will be brighter than 250W, which will be brighter than 175W. The wattage you need depends on how deep your tank is and what corals you want to keep.
Please understand that these are generalities. For example, the new Iwasaki 175W Aqua2 bulbs give a color of ~14K but have better intensity than the 10K 175W bulbs and about as much intensity as some 20K 250W bulbs. They appear to be the "brass ring" of 175W bulbs right now. Of course, that could change when the next new thing is released.