Title says it all. I've always wondered what "jobber length" means WRT drill bits.
Jobber refers to a general purpose length bit. From what I've been told it refers to the fact that they can handle most jobs.
You also have long length, and short, or mechanic's/machinist's length bits. Another bit type is Aircraft, which gives you the length of Jobbers, but with only the tip ground to a spiral. This allows you to have rigidity but still have reach, but with a reduced drilling depth, which is perfect for work in aircraft fastening structural members to the skin, etc.
The bit length allows you to drill through thicker workpieces, but it also severly reduces the rigidity of the bit.
The Jobbers length has been settled on as the best compromise between length and rigidity.
For most hand drilling, I prefer short length if possible, as they don't flex as much and therefore are much less likely to break.
Short drills are also far superior for precision work clamped to a drill press table or on a milling machine, as you can drill accurate holes without having to centerpunch or drill the hole first.