To begin from the beginning - 0 gauge is the usual Lionel 3-rail. If the set Santa put under your tree in 1947 is Lionel, that's almost certainly what it is. 0 gauge, especially postwar 0 gauge, is subdivided into two kinds of tubular track - 0 gauge and 0-27. The number 27 refers to the diameter of a circle of track (regular 0 gauge track was/is 31", but larger curves are available). 0-27 track is lower in profile and more lightly built compared to regular 0 gauge. It was designed as an inexpensive alternative to the premium priced 0 gauge track, and some 0 gauge items will not run on 0-27 track. Chances are your 1947 set is 0-27; post a photo and somebody will tell you.
Standard Gauge is something else. It is MUCH bigger than 0 gauge. It is also almost entirely tinplate. Basically, Standard Gauge is what Lionel started making before WWI. It's what rich kids got under the Christmas tree in the 1920's and 30's. Lionel started making 0 gauge for families that couldn't afford Standard Gauge or didn't have the room. Standard Gauge track is a bit over 2" wide and a circle of basic track is 42" in diameter. Standard Gauge died because of the Depression - it was just too expensive in those tough times. It was revived mainly by Mike Wolf of MTH, who loves tinplate. The tinplate items in the MTH and Lionel Corp (made by MTH) catalogs are mostly reproductions of prewar products, some of which are painted like the originals and some of which have modern paint variations.
I'm sure you'll get lots of replies to this, but this is a place to start. Have fun.
Here's a photo of my layout under construction, showing the difference in size between 0 gauge and Standard Gauge. The outer track is Standard Gauge, the other three are 0. The steam locomotive on the track is 0 scale. The tinplate train on the bottom display shelf is Standard Gauge; the rest are 0. The curves are much wider than the basic Lionel track that comes in sets. The Standard Gauge is an 87" curve; the three loops of 0 are 72, 63, and 42. Click on the picture to see a larger version.