"Series 70" and "Series 80" are terms that technically only should apply to 1911s of Colt manufacture, but are often used (when applied to other brands of 1911s) to denote the presence or absence of a Firing Pin Safety (FPS). Series 80-style guns have a FPS which locks the firing pin in place and keeps it from accidentally striking the primer if the gun is dropped. The FPS is only deactivated if the trigger is actually pulled. Many people do not like the Series 80-type FPS because it adds complexity and may prevent the gun from firing if it malfunctions. Also it may affect the feel of the trigger pull. Series 70 Colts (like Browning's original design) did not have the FPS. The Ruger does not have a FPS, thus it is loosely referred to as a "Series 70" design, even though it technically isn't because it isn't a Colt (and it has a traditional barrel bushing whereas true Series 70 Colts introduced a collet-style bushing). The Ruger design uses a lightweight titanium firing pin (low inertial mass) and a stronger firing pin spring to prevent accidental discharge if the gun is dropped, rather than a FPS. The design that Ruger uses is sometimes called the Novak design. A third design is the Swartz FPS that Kimber uses on most models, which is deactivated when the grip safety is depressed. People often erroneously refer to these as "Series 80" also.
Historically speaking, the original 1911 design remained unchanged from 1911 to about 1970, when Colt introduced the collet barrel bushing on their full-sized 1911s (i.e. the Series 70 gun). It wasn't until 1983 that they introduced the FPS (i.e. the Series 80 gun). Around 1988 they realized the collet bushing was a mistake, and returned to a traditional-style bushing (a Series 80 gun without a collet bushing). The FPS has remained pretty much standard on Colt 1911s ever since, until the recent re-introduction of a specific Series 70 model (which has neither a FPS OR the collet bushing).