A spacer lift is just that. It spaces your stock suspension down. It is ok if it just stays on the street as a mall krawler. It also is much easier to return to stock if need be. It's not very good for offroad, and doesn't give you any more travel/performance than stock.
A suspension lift replaces the springs and shocks. Some replace the A-arms and links as well. It will be more expensive, but will be much more durable, and actually improves performance. It gives more suspension travel, and in some cases, more load carrying capacity. If any offroading is planned, this is the route to go.
I got the OME heavy lift. I found it a bit stiff, and I am used to 4wd vehicles. If you plan on a heavy bumper AND winch, it will be fine. If not, go with the mediums.
In the end, it's up to you what YOU want and need. Good luck, and have fun!
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