It stands for Quadrature Amplitude Modulation, and is a method of sending data from one point to another, Sky digital use a system called QPSK, which is not dissimilar Quadrature Phase Shift Keying. You probably don't want to know too much detail, but needless to say it is capable of sending more information down a limited sized pipe, than standard modulation.
Basically, the lower value means they are using the same bandwidth but sending slightly less information, thus giving a more robust signal and better reception
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