From an older thread:
Non-modular:
The PSU comes with ALL possible cables attached to it, ready to go.
This has the advantage of ensuring you're not going to need a cable.
The downside is that it's VERY messy and if you're into cable-management, it's
a nightmare storing away all the excess cables you don't need. Bad cable-management
can mean the difference between a good or bad airflow and consequently the
operating temperature of your system.
Semi-modular:
Only some cables come pre-attached. There's less clutter and it
can be pretty alright. However it's more expensive than non-modular.
Modular:
No cables at all. You only attach the ones you need. This is ideal for
tweakers and those with deeper pockets, as it's both...