The Radeon VE ("Value Edition"
is a dual head design targetted for workstations. It
doesn't have Hardware T&L, but it
does have HyperZ. The VE is not designed for gamers; it's for people who need a big desktop and good 2D functionality. The VE is clocked at 183/183 stock.
The Radeon LE ("Light Edition"
is the inexpensive gaming card which has become popular because of its' "tweakability". The LE has Hardware T&L and HyperZ in OpenGL, but its' D3D HyperZ is disabled (but can be enabled through a registry edit or through some overclocking utilities). The LE is clocked at 148/148 stock (but uses the same 6ns ram as the retail Radeon 32mbDDR).