It designates that it's a large aircraft; Airbus 310, Boeing 757, etc.,
List of Heavy aircraft
http://www.geocities.com/capecanaveral/Lab/8803/tech_wb.htm
Perhaps the most important issue concerning heavy aircraft is that they tend to throw up or 'spoil' a lot of the air behind them making it dangerous for aircraft behind to operate safely. Therefore the following distance of other aircraft has to be increased, something that must be taken into account by air traffic control.
One of the other concerns for the heavy designation is
taxiways and runways. 300,000 lbs plus requires a bit more
reinforcement of pavement and many airports have areas that can handle this weight and areas that cannot. It is part of the controllers job to keep heavys off the areas that are not stressed for that kind of weight. In my experience I have never seen a 727 designated as heavy.DC10, L-1011, DC-8, 747, 707,767,Airbus310 are the most prevalent "heavys". 300,000lbs is a lot of plane/cargo.
http://www.ufomind.com/area51/list/1997/jun/a14-003.shtml
PAVEMENT RESPONSES DUE TO HARD LANDINGS OF HEAVY AIRCRAFT
http://pubsindex.trb.org/document/view/default.asp?lbid=749601
Aircraft are categorised by ICAO according to the amount of wake turbulence they produce. Because wake turbulence is generally related to the weight of an aircraft, these categories are based on weight—aircraft with a maximum certificated take-off weight of 300,000 lb (136,000 kg) or more are classed as Heavy, those between 15,500 lb and 300,000 lb (7,000 kg and 136,000 kg) are classed as Medium, and those below 15,500 lb (7,000 kg) are classed as Light. Due to their weight, all current wide-body aircraft are categorised as Heavy.
The wake turbulence category is used to guide the separation of aircraft—a Heavy category aircraft will require greater separation behind it than a Medium category, which in turn requires more separation than a Light category. In some countries, such as the USA, it is a requirement to suffix the aircraft's call sign with the word "heavy" when communicating with ATC in the Terminal Radar Area. If the aircraft is on an ARTCC (Center Freq), they are not required to say "heavy" at the end of the callsign. For example, UAL342 operated by a Heavy aircraft would use the call sign "United 342 Heavy" while in the USA.
http://en.wikipedia.org/wiki/Wide-body_aircraft
A very effective visual of wake turbulence
http://en.wikipedia.org/wiki/Wake_turbulence
Preceding aircraft
A380-800
Following aircraft
A380-800
Minimum radar separation
4 nm
Following aircraft
Non-A380-800 Heavy
Minimum radar separation
6 nm
Following aircraft
Medium
Minimum radar separation
8 nm
Following aircraft
Light
Minimum radar separation
10 nm
Others:
http://en.wikipedia.org/wiki/Wake_turbulence