The term 'small block' refers to the actual outside dimensions of the block not the cubic inch displacement. The chevy 350 smallblock has the same outside dimensions as the 327 or even the 400 small block. There are many different CID's when it comes to the Chevy smallblock. To many to list.
The 'big block' is built different. Much bigger outside dimensions even though it can still come in a 350 CID. The smallblock is smaller in overall dimensions and weight. This is good because less weight and size with the same CID. Translated means more power to weight ratio. And of course, tons of performance parts--Cheap!