Shopped

My definition would be a playfield teardown and clean. Mainly a cosmetic job - replace globes, rubbers and any broken small parts like plastic posts. It would not include broken parts such as slingshots and ramps. Typically 10 -20 hours

Reconditioned

As well as the "shopped" work - All mechanisms under the playfield are rebuilt. All coil sleeves replaced. New flipper kits installed. All boards upgraded and repaired. Sometimes, broken ramps and slingshot plastics are replaced. Typically 20 - 30 hours

Restored

As well as the "Shopped + reconditioned" work - Every single moving part is rebuilt, cleaned and polished. The machine is virtually stripped of every part, and each individual part is cleaned / polished or replaced. New plastics sets and/or ramps are installed. Anything that can be bought such as plastic and metal posts, flipper bats, screws, nuts are installed on the playfield. Cabinet hardware is replaced or polished. Cabinet may be painted.
Typically 50 - 100 hours.

I agree with Ninos definition. Full restos are left for "keepers" unless someone is willing to pay the costs incurred in parts and labour. As a hobbyist, labour costs usually dont make it into the equation. Not many people are willing to pay an hourly rate of $20 - $30 an hour for a 60 hour resto.
Most commercially shopped pins include the services as nino mentioned above, rubbers,globes,etc. In most cases there is no need to change coil sleeves,coils,springs diodes etc when the pin is performing fine.Costs would blow out of proportion. Most of us do it because we are anal, intend on keeping the machine or because we love doing it.