My understanding is that the 265 refers to the width of the tire in milimeters. The 65 or 70 number represents the "aspect ratio", which means that the tire's sidewall height is 65% or 70% of the tire's width. The 17 refers to the wheel size diameter in inches.
Therefore, a 265/65/17 tire won't be as "tall" as a 265/70/17 tire because the aspect ratio, or sidewall height, is less (65% of 265 as opposed to 70% of 265).
A 265/70/17 will be a little taller, thereby filling up the wheel well a little more and providing a marginal amount of additional "lift".
RunnerUp beat me to it!:arrow: