Shown below, Bevels are cut onto floor edges because square edge floors are never perfectly even, which causes premature wear (to say nothing of catching the foot) on the higher edge.  Beveled floors are for style and cost less because of less waste in manufacturing:

Square edge:

 
The edges of the boards are squared off leaving a uniformly flat surface giving a more formal look.

Micron bevel:

 
The newest thing. This bevel is hardly noticed and enables the boards to all look even, vs the square edge look.
Eased edge:

 
Noticeable bevel.  All boards look even with each other.  Saves on cost.
Beveled edge:

 
Beveled edges have a deeper cut than eased edge boards. This type also lends itself to a more informal look. This often looks good in a country décor.

HURST HARDWOODS
1-888-704-8778 (Toll Free)
9206 U.S. Hwy. 19
Port Richey, FL 34668
sales@hursthardwoods.com