Just when you thought there were too many different paint or varnish brushes out there, you realize they also come in different shapes, too. The shape refers to the shape of the bristles.
Generally, round brushes hold more paint (or varnish) and release it with more control than full brushes, while oval brushes are a hybrid of the two. Round and oval brushes are commonly used for trim or edging. By rotating the brush while applying, they leave a nice edge when cutting in.