Natural hardwood products are never completely uniform; that's a major source of their charm. But "less uniform" doesn't mean "inconsistent" or "lower quality".
Grades describe the appearance of the wood. All wood grades are serviceable. Grades were developed to bring a degree of consistency to wood floors appearance specifications regardless of where they were milled. Grades (for the most part) are assigned by the appropriate authority, notably the NOFMA (National Oak Flooring Manufacturers Association, and the MFMA (Maple Flooring Manufacturers Association). Softwoods and lumber are graded differently. Engineered flooring and other products are also graded differently. Most engineered flooring is graded by the manufacturer in image conscious terminology, i.e. "Cabin Grade", "Tavern Grade" to designate a rustic, knotty look.
-Burls - Rounded growths on a tree which produce curling, ornamental patterns in lumber.
-Knots - Hard, cylindrical regions marking locations of branches that have been encased by later growth of the tree.
-Mineral streaks - Olive or grayish markings caused by such environmental factors as trace elements in water or soil.
-Grain - The direction, size, appearance and quality of the fibers that give hardwoods strength and distinctive patterns.
-Growth rings - Layers of wood added to a tree during a single growing season.
Learn more about hardwood flooring grades