Whitelisted numbers will let the call thru no matter what options are set - for example if DND is enabled, a whitelisted number will still ring thru.

Blacklisted numbers play a message to the caller that the number is blacklisted and hangs up.

Disconnected either hangs up immediately (the caller never hears a ring), or in some areas the 'disconnected' signal VOIPo sends will result in 'this number has been disconnected' type message.

Your phone will not ring with either a blacklisted number or a disconnected number that is set in call routes.

Don't forget wild cards when blocking calls:
800******* will block all 800 numbers.

800345**** will block all 800 numbers with a 345 exchange.

0********* will block all calls starting with 0.
well you get the idea.