To be real simple and basic, SFM which should be SFPM (Surface Feet Per Minute), it is the relationship of the cutting tool to the surface of the material being cut.
In a mill where the tool turns and the material is stationary, it is the speed that the surface of the endmill move or turns. This remains constant and the same no matter what area of you part you are working on, a small hole in the center to an outside diameter of 1 foot, because the tool is the part that is turning. On a 1/2" diameter endmill, the surface will move approximately 1.57 inches or .1308 feet in one revolution. One of the only times you might change the speed is like a small or deep hole where you can't get the coolant in as well and you reduce the speed to reduce the change of over heating the tool or work piece.
On a lathe the work piece or material turns and the tool is basically still or only changes position but not speed. Therefore, most of the time the surface speed changes as the tool moves in and out or around the material. If you take a .05" cut down the surface of a 3 inch bar the surface speed will be determined by the 3" diameter. If you do another pass down that same material at .05" deep, the surface speed will be based on the remaining 2.950" diameter. If you do a face cut on that material it will start out as SFM at 3" and as you go to the center of the part where the SFM is theoretically zero (so very high RPM). Therefore, the work piece will be constantly increasing in RPM all the way to the center. As "dcoupar" said, most lathes are programmed with CSS (constant surface speed) where the control increases the spindle speed as the tool moves closer to the center of the part.
The SFM is of course different for almost every material that you machine (Aluminum, Brass, Cast Iron, Steel, Stainless Steel, Inconel and on and on) and changes for the different tools that you use, IE. Steel, High Speed Steel, Cobalt, Carbide, Ceramic, etc. That is where the real challenge comes in and why there are so many charts to help you figure it all out.
Unfortunately the best information you can possess is experience, and that is what you do hot have. Starting in manual machining is the best way to start learning, but seldom happens these days. If the CAM program can't figure it out, that's the end.
Too low a RPM or SFM and the tool will chip or break and/or you will not be productive at removing enough material per minute of shop time. Speed is power when you talk about tools or pretty much anything else. Take a piece of straw (the grass kind) and in a tornado it can be sped up enough to penetrate a tree several inches. Now, try to slowly push that straw into the tree, it will never happen. The same applies to tools. If you normally would take a .02" cut with a carbide lathe tool at 300 SFPM fine, but turn that tool into the part .02" and try to slowly turn the part to make that cut, you will break the tip off of the tool. You need the speed.
On the other side, too high a speed will cause damage to the tools too. The ability of the tool and material to dissipate the heat of the friction of the cutting will be overcome and the tool will usually burn or melt. Once this occurs, cutting stops and breakage and tool seizing happens. We have all seen that endmill stuck in the material, or that drill the seized and will be part of that material forever more.
Unfortunately, most charts and graphs are not as helpful as you would like. Your example of 150 to 400 for the aluminum shows this. 150 SFPM or over 2 1/2 times faster than that at 400 SFPM. Wow, that's helpful! But, that is life and they are depending on your experience, machine type, rigidity, available coolant type (or none), etc..
Have fun learning and use common sense as you learn. Usually best to start at the lower number then change as you see how it machines. Remember also that machining everything at the absolute maximum RPM and CHIP LOAD is for production runs where small amounts of time add up to a lot of time over thousands of parts. If you are making one or two parts and you push it too far or fast and break a tool or mess up a part, that is usually a money looser. Just pushing that drill too hard once and causing you to ruin a part and have to take time to change tools costs money. Finish your part and save that tool for another job.
Have fun------Mike
Two Haas VF-2's, Haas HA5C, Haas HRT-9, Hardinge CHNC 1, Bother HS-300 Wire EDM, BobCAD V23, BobCAD V28