Here is the best generalization I can give:
Northern or native LMB, are considered more aggressive and easier to catch. However, they max out at around 10-12 pounds with a big fish being 6 pounds and therefore don't reach immense trophy sizes.
Florida LMB, are more hook shy and less aggressive but reach world record sizes.
F1 LMB are the first generation cross of a northern and Florida LMB. The idea is that they will be able to reach the trophy sizes but also retain the more aggressive nature of the northern LMB.
Some ichthyologists actually consider northern LMB and Florida LMB to be distinct species, while most consider them to simply be subspecies. There is some evidence that After the initial F1 generation, subsequent generations Fx... Are not as good... So two F1 fish spawning producing F2 fish don't produce as good a progeny as the original F1 northern x Florida LMB. I am not sure if I am completely sold on this idea. Perhaps Eric can find the thread from a few months ago where this idea was thrown around. This idea is why you read that many guys have pure Florida grow out ponds. That way they can constantly add pure Florida bass and pure northern bass to keep new F1 fish in the pond instead of the eventual Fx crosses as subsequent generations of fish spawn are born and grow up in a pond.