The size is typically measured as the "wheelbase" -- for a quad, it's the longest motor-to-motor distance, in mm.
a 250 quad, for instance will measure 250mm from the front-left corner motor center to the rear right motor center.
. . . or close. Since there's very little difference in handling between a 450mm wheel base and a 465mm wheel base, most quads are grouped by class. As of late the classes are aligning with every 100mm on the 50's, but some quote the 100's as their size too -- like the Blade 200. The smaller they are the more likely they'll quote a number that's closer. So a "250 quad" might measure out a bit bigger/smaller than 250mm, but it should be pretty close.
As for options available . . . who is limited merely by options?!?