it is to designate the aircraft that cause large amounts of turbulence. the 757's unusually powerful engines also give it a heavy designation.
Actually it's the wing design, not the engines-I said that a while back and Nexus corrected me.
It's the weight. Wingtip vortices (which are the most dangerous component of aircraft wake turbulence, although not the only component) are almost entirely dependent on weight, in terms of their intensity. Wings can be designed to minimize the effect somewhat (and yield better cruise efficiency), but in most cases, it's all about gross weight, not wing shape or length.
Airspeed figures into it only because when climbing or descending, the ratio of weight to lift and thrust to drag changes, causing much more kinetic energy to be released at the wingtips than during cruise, when the wing isn't working quite as hard. And a wing works hardest when it has a heavy load and not much airspeed to help generate lift.
With flaps down, the wing now has more camber, and will get more lift with less airspeed, and the energy of the wingtip vortices will be reduced somewhat. This is why the most dangerous tip vortices are off slow, heavy planes in a clean configuration... such as climbing out or intital descent just prior to lowering gear and flaps.
http://en.wikipedia.org/wiki/Wingtip_vortices