Depends on the maker. It's a weasel term that could mean anything they want it to mean. Originally it meant light duty cycle, not continuous, but better seals and bearing lubrication on the assumption of never being serviced again. Somewhere between industrial and light duty.
TEFC is the crucial thing to look out for. Woodworking is a hard environment for dust.
TEFC is most-needed in a cabinet saw or hybrid where the motor is enclosed with all the sawdust.
For something like a bandsaw/planer/jointer, it's probably overkill.
Even in a contractor's saw (with the motor hanging out the back) it's not necessary (although probably nice). I had an ancient Rockwell saw with an ODP motor on it. Seemed to work fine.
Chris
HomeOwnersHub website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.