For anyone that is actually wondering what each is:
Standing reach - measurement from the floor to your fingertips when you put your arms straight up
Wingspan - measurement from fingertips of the right hand to fingertips of the left hand when both arms are completely extended to the side
As far as why Green's measurements are oddly different from Love's, I would say that Green has a pretty long neck/head and also has amazingly broad shoulders. The long neck and head would mean that if Green is 6'9" and 10 inches of it is in his neck/head and Love is 6'9" and 8 of it is neck/head, then Love's shoulder's would be 2 inches further up, so when he lifts his arms they start with a 2 inch advantage. You're right that Love is the wider player of the two, but Green has VERY broad shoulders.
Implications on basketball would be different for the two measurements:
Wingspan - helps players get their arms in passing lanes and reach for a rebound that is out of their way
standing reach - helps players challenge shots and provides a good measurement for how affective the player will be in situations where he's not able to get off of the ground. To a certain extent, it also helps predict how high someone can get to get a rebound/block a shot: standing reach = 9 ft and vertical = 24 inches means that (without running, just jumping straight up), the player could get 11 ft into the air.
For these measurements there are obviously many other factors to consider before they even start to be worthwhile, like "does the player put himself in a position to use his wingspan?" "sure, his vertical is great, but he's a really slow jumper, so there's almost no application to the actual game"
There are several other things that will tell you a lot more about a player, but these two things do give a good idea if you're looking at some specific comparisions
