After some hunting, I discovered that the information from Microsoft (and elsewhere) regarding the SharePoint Permission Levels was somewhat sparse and also a little conflicting. There are a few good articles (links at the bottom) but they disagree and don’t fully represent the number of Permission Levels. So, I did this the hard way and clicked through them all and made some tables.

Permission Levels
The following tables show the permissions that comprise each out of the box Permission Level, correct for an out of the box Collaboration Portal on Microsoft Office SharePoint Server 2007 Enterprise as of Service Pack 1 and the Infrastructure Update.
List Permissions
| Permission Level | |||||||||
| Permission | Full Control | Design | Manage Hierarchy | Approve | Contribute | Read | Restricted Read | Limited Access | View Only |
| Manage Lists | X | X | X | ||||||
| Override Check Out | X | X | X | X | |||||
| Add Items | X | X | X | X | X | ||||
| Edit Items | X | X | X | X | X | ||||
| Delete Items | X | X | X | X | X | ||||
| View Items | X | X | X | X | X | X | X | X | |
| Approve Items | X | X | X | ||||||
| Open Items | X | X | X | X | X | X | X | ||
| View Versions | X | X | X | X | X | X | X | ||
| Delete Versions | X | X | X | X | X | ||||
| Create Alerts | X | X | X | X | X | X | X | ||
| View Application Pages | X | X | X | X | X | X | X | X | |
Site Permissions
| Permission Level | |||||||||
| Permission | Full Control | Design | Manage Hierarchy | Approve | Contribute | Read | Restricted Read | Limited Access | View Only |
| Manage Permissions | X | X | |||||||
| View Usage Data | X | X | |||||||
| Create Subsites | X | X | |||||||
| Manage Web Site | X | X | |||||||
| Add and Customise Pages | X | X | X | ||||||
| Apply Themes and Borders | X | X | |||||||
| Apply Style Sheets | X | X | |||||||
| Create Groups | X | ||||||||
| Browse Directories | X | X | X | X | X | ||||
| View Pages | X | X | X | X | X | X | X | X | |
| Enumerate Permissions | X | X | |||||||
| Browse User Information | X | X | X | X | X | X | X | X | |
| Manage Alerts | X | X | |||||||
| Use Remote Interfaces | X | X | X | X | X | X | X | X | |
| Use Client Integration Features | X | X | X | X | X | X | X | X | |
| Open | X | X | X | X | X | X | X | X | X |
| Edit Personal User Information | X | X | X | X | X | ||||
Personal Permissions
| Permission Level | |||||||||
| Permission | Full Control | Design | Manage Hierarchy | Approve | Contribute | Read | Restricted Read | Limited Access | View Only |
| Manage Personal Views | X | X | X | X | X | ||||
| Add/Remove Personal Web Parts | X | X | X | X | X | ||||
| Update Personal Web Parts | X | X | X | X | X | ||||
See also: Permission Levels and Permissions at Office Online and Permissions behind the permission levels in SharePoint at Sridhar's Blog.
I'm sure there’ll be more articles to come on SharePoint Permissions, hence this is Part 1
