I'd say it's just simply the most expensive model in any series - whether it's a zoom range or specific prime focal length.
The build quality is the most noticeable difference IMO. The image quality improvement can sometimes be very small. Many "mid-level" lenses are very good already and one has to look quite hard sometimes to see the difference.
It's not sheer image quality. My 28mm, 50mm, and 85mm non-L primes are much sharper than the "L" zooms which cover these focal lengths. I know, zooms and primes are not in the same class - but I think you get my drift.
I like to use the sunscreen analogy: Most people think they have to buy SPF 45 over the SPF 15 stuff - in reality, the additional protection they are paying extra for is only 1~2%. So in terms of photography, the finest is available if you want to pay for it or if you are paid to do it. But whether you can utilize it to its full potential, well that's up to you![]()