What it truly means and what it generally means now are different.
What it generally means now is a Series 80 has a firing pin safety and a Series 70 doesn't.
A true Series 70 will have a collet style bushing. This was added to the original 1911 design to improve accuracy in the 70's, hence the name. They had some problems with breakages and they eventually were replaced sometime in the 1980's. You can find a picture of a collet style bushing in this article.
The Series 80 design arrived in the early 1980's and added a trigger activated/deactivated firing pin safety. Most current Colt's have a firing pin safety. Several other companies also use Colt's firing pin safety design, Sig, ParaUSA, and Taurus come to mind.
Many of the 1911 makers and most of the custom and semi-custom makers don't use a firing pin safety and generally folks refer to these pistols, erroneously as Series 70 style.
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