The best way is to use a terminal. Type "su" to get superuser access, then "du -hs /data/data/*/lib". That will list the sizes of all of the applications' lib directories, which is the extra bit that "move to sd" moves. Most will be small, but there may be a few large ones, depending on what apps you have installed.
It's something that came in with Gingerbread. With Froyo "move to SD" just moved the apk, so you were always better off using sd-ext. With GB the "move to SD" moves the app's lib directory as well, which the a2sd+ script does not (though there are variants which move more stuff). Overall the sd-ext solution still wins on space because it can move the dalvik cache, which the google solution doesn't do, but if an individual app has a large lib then you can gain more space by moving that app "to sd".
This does have the aesthetic drawback that bits of that app are now in 3 places - the apk and lib on fat32, the dalvik cache in sd-ext, and the apps own data (and potentially some other bits) still in internal storage. And not all apps can be moved to fat32, plus the usual restrictions of losing widgets etc for any apps you do move that way. But if using a GB ROM and short of space this can save significant space if you have apps with large libs.
Yes, "move to phone" will move the apk back to sd-ext, as before (and also lib back to internal). Other app components aren't affected either way.