What exactly does that mean...and what are the benefits of one over the other?
It just depends on what cartridge you desire, so I have listed some examples below.
110 is long action = 25-06 Remington, 270 Winchester, 30-06 Springfield, 7mm Remington Magnum, 300 Winchester Magnum & 338 Winchester Magnum
10 is short action = 204 Ruger, 223 Remington, 22-250 Remington, 243 Winchester, 7mm-08 Remington, 308 Winchester, 270 Winchester Short Magnum & 300 Winchester Short Magnum
yooper77