Normal Res(olution) – 1024 samples, 20 ms. This length normally suffices to capture the essential sound of the speaker cabinet, without so-called room reflections. You can often use Normal Res without having to worry that the sounds is worse than when using HiRes or UltraRes.
HiRes – 2040 samples, 40 ms. This doubles the length of the IR, allowing it to store more informatin after the first 20 ms. Whether that's desirable or not is open for discussion. HiRes IRs use more CPU than Normal Res, and also more than UltraRes.
UltraRes – up to 8000 samples, 170 ms. UltraRes speaker IR processing is a Fractal Audio proprietary technique which enhances the spectral resolution of an IR without adding CPU burden or storage requirements. Its length allows more information to be captured in the IR, especially in the lower frequencies. UltraRes requires more CPU power than Normal Res but less than HiRes.