It is the length of the round that will fit in the magazine by CIP Europe or by SAMMI US.
Take 300 WIN MAG, it has a length of 3.340, but you may want to load VLD's that may require a length of 3.680 to fit in the magazine. So in the case of 300 WIN MAG, you would want to go with the -23 part from Accurate-Mag.
ITEM Cartridge CAP W L H MAX OAL
00100-1 .300 WM SSSF 5RD 0.736 3.715 4.01 3.615
00100-4 .300 WM SSSF 5RD 0.736 3.775 4.01 3.675
00100-23 .300 WM SSSF 5RD 0.736 3.85 4.01 3.75
One thing I have found, not many chassis or bottom metals take the longer CIP length magazines, so ask before you buy what will fit.