Not sure what an average consumer is. A consumer who is into changing hard drives should know what it is. It is, as was said, the orientation of the mag particles in the media - and the result is more storage area per platter.
Example - laptop hard drives max'd out at 120 GB with normal particle orientation, but then Seagate released a PR model with 160 GB, and they will soon release a 200 GB 2.5" drive.
Anyway - I have two of them (160s) for my laptop, and they are great.