These guys pretty much covered it =P For some reason, when I think of these terms, I think of pouring syrup on a pancake, because I always hear people say "Be conservative on the syrup" or "be liberal with the syrup" lol.
Conservative- People who like to conserve stuff. They aren't really into major changes, and are very careful about everything. They don't spend excessively, and they stick to what they know is true.
Liberal- People who are very liberal with what they have. They are constantly changing the way things work, and take lots of risks for the hope of improvement. They know no limits when it comes to spending, and will go to any cost to make the changes they think might help.
That's my general take on things. I didn't list specific stuff because I'm SURE I would leave a ton of stuff out, but this covers each side's basic ideals I think ^_^