It varies depending on the manufacturer (and even the driver version in the case of some network adaptors). The functions served by the lights can include:
Activity
Link (often includes Activity by flashing)
Speed (for example, off: 10Mbps, orange: 100Mbps, green: 1000Mbps)
Duplex (full-duplex: can transmit and receive simultaneously or half-duplex: only one direction at a time)
Collision (when in half-duplex mode - if some data comes in while the port is in transmit mode)
Some switches can display other data on their port LEDs - I've seen them used as bar-graphs to show overall network utilisation. Power-over-Ethernet (PoE) switches also show whether power is being delivered over their ports, either by having an extra LED for each port or by re-using one of the existing LEDs in some way (colour, switching mode by pressing a button on the front panel or via the switch's administration interface, etc). Smarter switches may show when ports are in an error state such as when a broadcast storm caused by a cable loop has been quenched or when a possible denial-of-service attack has been blocked.
I guess it's only really limited by the imagination of the designers
Stephen