ArcEditor/Standard is the middle license level for Esri software with most general geoprocessing tools that don't require extensions being available for use.
Questions using this tag indicate that most common geoprocessing tools are available to answer the question.
In addition to geoprocessing a Standard license is the minimum required for editing data in an Enterprise Geodatabase (SDE) or data participating in geodatabase topology.
ArcGis software has three license levels, with different tools being available or disallowed based on the license level. The software installations for all license levels are the same with some tools being locked depending on license.
There is no functional difference between fixed and floating licenses with respect to capability.
A summary of the facilities available based on license is available in the online help.
