This is something you have probably seen on sites that sell books. Items are listed vertically with the photo to the left and title, price, rating, bullet points and Add To Cart button to the right.
This is a more compact layout for items that are best represented graphically. Each box contains a photo as its main element, with the title, price rating and Add To Cart button below. The exact size and number of boxes per line change with the size of the browser window.
This style is mostly suitable for categories that have a large number of products. It's simpler and loads faster, but only displays the title, inventory level, price and Add To Cart button.