The < or > would result in lexicographic comparison of the two strings:
>>> x="absx"
>>> o="abcdef"
>>> x > o
True
Lexicographic ordering is same as dictionary ordering, and basically, the operators are checking for which string would come earlier (or later) in a dictionary order. The behavior is same for both Python 2 and 3.
The final result does not depend on the size of the string, Example:
>>> "a" < "aaaaa"
True
In example above "a" would come before "aaaaa" when written in dictionary order. To compare by length of strings, use the len() function on the strings.