These are Canon designations given to thier own lenses and intended to show differences in the lens series. As I understand it, EF-S lenses are specifically designed for cropped sensor digital SLR's, not full frame bodies digital or film, so they are optimised for the XTi, 20D, 30D, 40D.
EF lenses can be used by any digital or film SLR, so thier big advantage is they can be used on all Canon bodies, not just some digital. If your ever going to upgrade to a different Canon body, the EF range will be more versatile.