In a dedicated hosting environment all of the server resources, including bandwidth, RAM, and CPU all exist to support your website. This helps to ensure an extremely high uptime (meaning your site will virtually never be offline). Also, since you’re not sharing the server environment with any other sites your site’s performance won’t be affected by any other sites who are being resource hogs.
Storage is extremely configurable, too. Some servers have four drive bays available, and they can be equipped with any mix of 1TB to 3TB SATA drives, or 120GB to 1TB SSDs. That's considerably more flexible than providers like 1&1, where you can only use SSD drives on some products, and even then they're often available in fixed configurations only (1TB SATA or 800GB SSD, for instance).
The technical specifications of Bluehost’s Standard plan are quite good considering the low price point (as well as excellent uptime and speed). You get 500GB of disk space, and a bandwidth cap that is so large (5TB) you are unlikely to ever notice it. 4GB of RAM is a little on the low side but for a small to medium size website, it should be good.