'Brand' 17-70 F2.8-4.5
Well the brand bit is important, but for starters, the 17-70mm is the focal length.
depending on brand and model of body it is fitted to, this describes the angle or field of view.
The crop factor of the bodies sensor comes into play here
On canon APS-c bodies the focal length is multiplied by 1.6 x to give the old school 35mm equivalent focal length. So it would become a approx 28-110 mm in old money. Roughly a 4x zoom in nonsense speak , but the focal length equivalence tells you that at this lenses wide end is equivalent to 28mm which is termed wide (and wider than most P&S cams which start at the eq of 36mm) and zooms to 112 mm which is low telephoto. So this would be what i call a fairly Normal zoom.
Nikon uses I think a 1.5 x multiplier (as does pentax???)
Olympus uses a 2 x multiplier
the F2.8-4.5 describes the aperture , which describes the amount of light or opening diameter of the lens as a ratio. Rather than me describe this probably incorrectly I point you to wikipedia. But for an easy answer it refers to the speed of the lens.
http://en.wikipedia.org/wiki/ApertureNone of these particulars really describe the quality of the lens however, but generally the lower the F ratio the more expensive the lens becomes, as larger pieces of glass are required