Tech and meta levels
These three terms are all indicators of the quality of an item or ship hull and all mean different things. The definitions also differ whether the item is a module, ship or rig.
Modules
Civilian Modules
Civilian Modules are a special case and are only mentioned here for completeness. You should NEVER consider fitting a Civilian Module except in the Tutorial Missions and on your trusty Rookie Ship. These modules are useless except for educational purposes.
Tech 1 Meta 0
These are the basic modules that are manufactured by players from blueprints seeded on the market by NPCs. Meta 0 modules have no Meta level attribute visible in their attributes. They have generic names based on their type such as "1MN Afterburner I".
If someone offers you a "meta 0" duel, they mean a duel in a Tech 1 ship with only this type of module installed.
Tech 1 Meta 1-4
These are dropped by NPC ships and are not manufactured by players. The higher the meta level the better quality the item. Higher meta level items are more effective and usually have lower fitting requirements as well, but this is not always the case. Meta level 1-4 items do not require more skills to use than meta 0. Because of their better performance higher meta level modules will have a higher price on the market. These modules have more colorful names such as "Experimental 10MN Afterburner I" and "150mm Light Gallium Machine Gun". These modules are sometimes called "named" modules.
Tech 2
Shortened to "T2", these modules are manufactured by players through the Invention process. T2 modules are usually more effective than Tech 1 Meta 4 modules, but sometimes they are the same. T2 modules are never less effective than meta 4 modules. Tech 2 modules often require more skills to use than Tech 1 modules, and they usually take more CPU and/or Powergrid to fit. T2 modules have a meta level of 5 in their item attributes.
When deciding whether to use a Tech 2 module, make sure to compare it to a Tech 1 Meta 4 module before making the purchase. In some cases the meta 4 module has the same performance with lower fitting requirements.
Storyline
Storyline modules are rewards from missions, specifically COSMOS missions and some Epic Arc missions. In COSMOS missions you don't get the item itself, but you recieve 3 Run Blueprint Copies (BPCs) that need some decent skills and sleeper technology to produce and most of them are quite expensive (in ISK and Skills) to produce. Epic Arc rewards are given as items but their availability is limited to how often you can do the epic arc, and the time it takes to complete them. As such, both types of storyline items tend to be expensive despite being similar quality to Tech 2, and are not traded in great amounts.
Faction
Faction modules are equal or superior to Tech 2 modules and are purchased from Loyalty Point stores either as items or blueprint copies. These items will have a meta level of 5 or higher in their item attributes. They have names based on their faction such as "Caldari Navy Ballistic Control System".
Deadspace and Officer
Deadspace and Officer modules are dropped in deadspace complexes and as loot drops from rare named enemies. These are the best modules and as such are very expensive. These items typically have a meta level of 9 or higher in their attributes. Deadspace modules have names based on their faction and quality such as "Pith B-Type Large Shield Booster". Officer modules are named after the NPC they drop from, such as "Estamel's Modified Adaptive Invulnerability Field". While officer modules are usually better than deadspace modules, this is not always the case; always check the attributes before you buy.
Video lesson on Meta Levels
A video introduction to meta levels of modules can be found here: http://www.youtube.com/watch?v=U5ZV4nmi4t4
Ships
Tech 1
Tech 1 ships such as the Rifter are bought from NPCs or manufactured by players from blueprints seeded on the market. Within ship types there are "tiers". For example, the Tier 1 Minmatar combat frigate is the Slasher, the Tier 2 combat frigate is the Breacher, and the Tier 3 combat frigate is the Rifter. This does not necessarily mean that the Tier 3 Rifter is better at everything than the Tier 2 Breacher. The Breacher performs better at long range than a Rifter, for example, but higher tier ships usually have better performance, more slots, more CPU and Powergrid, and are more expensive. You should consider the role you expect to fill over the tier level of the tech 1 ship, as that is far more important. The tier of a ship is not shown in game as an attribute, it can only be inferred from stats and production cost.
Empire Faction
Empire faction ships such as the Imperial Navy Slicer are bought from the loyalty point stores of empire factions, such as the Gallente Federation Navy or Minmatar Republic Fleet. They are obtained as either complete ships or as limited run blueprint copies. You can also purchase these ships second-hand from players on the market. Empire faction ships are more powerful and much more expensive than Tech 1 ships, and are normally less powerful than Tech 2 or Pirate faction ships. The main advantage of Empire faction ships is their low skill requirements. If you can fly a faction's Tech 1 ships, you can fly the Empire faction ships, making them a good way of gaining an advantage during the long skill train to Tech 2 or Pirate faction ships.
Tech 2
These ships are only manufactured by players through the Invention process. They are usually more powerful and slightly cheaper than Empire faction ships, but have high skill requirements to use. As well as better performance and bonuses, T2 ships have increased damage resistance, making them tougher. An example of a Tech 2 frigate is the Wolf, a Tech 2 Minmatar Assault Frigate based on the Rifter.
Pirate Faction
These ships are bought from pirate faction loyalty point stores. They can also be purchased second-hand from players on the market. Pirate faction ships require two different factions' spaceship command skills to use. For example, the Dramiel, an Angel Cartel frigate, requires Minmatar and Gallente frigate skills. They do not require high levels in them, however, making them considerably easier to train for than Tech 2 ships. Pirate ships typically have equal or better performance to Tech 2 ships, but cost more.
Tech 3
Strategic Cruisers are the only Tech 3 ships currently in the game. Tech 3 ships are constructed with Sleeper components that can only be found in wormhole space, and are therefore very expensive, but they are the most powerful ships in the game for their size. T3 ships have similar skill requirements to fly as T2 ships.
Rigs
Tech 1
Tech 1 rigs are made from materials salvaged from Tech 1 player or NPC ships. They are made from blueprints seeded on the market by NPCs. Rigs do not have meta levels and there are no subdivisions of quality other than their Tech level.
Tech 2
Tech 2 rigs are made from materials salvaged from Tech 2 player ships. As such they are much more rare and expensive than T1 rigs, but they also provide larger bonuses.
