I just came from the Clover web site. The red clips we are all used to are simply called Wonder Clips and reach 1/2 inch into the project. The larger size are called Jumbo Clips and reach 1 inch into the project. The new Mini Wonder Clips do not show the dimension on the package but appear to be the same as the Wonder Clips EXCEPT they have a narrower tip which they claim works better at mitered corners and in small projects (doll dress sleeves?).
I use the Wonder Clips and love them. They work well for my mitered binding corners, so I don't know that I need to buy the Minis.