The Vf indicates the range of voltage at which it will draw the amount of current (and indirectly power) that it was designed for. A lower VF is more efficient but may cause you to waste excess voltage in a converter or resistor.
An L may be well suited to 3 AA direct drive using alkalines, where an M may match up well to direct drive from a lithium. An H might work well using a single lithium 3 volt cell in direct drive.
A 'K' works well with two AA lithiums (~ 3.5 volts).
If you are going to use a constant current converter like a downboy, a lower Vf will give longer run times.
The Vf is NOT written in stone. It's a range of voltages. I recently got a LuxIII start marked J that tested out to be closer to an M. Very disapointing.
If you are not doing your own mods you probably will not care about any of this.
Daniel