1:1 is a direct representation of the reproduction ratio comparing lifesize : image size
on the focal plane. If a dime is 3/8" in diameter (guessing, here), then a 1:1 would be a 3/8" image if you measured it on the piece of film. If you were at 1:2, then the dime would be 3/8" in real life : 3/16" on the piece of film...half the size.
EDIT - To put it in better perspective, replace the : with a / and make it a fraction. 1/1 is a whole size image...1/2 is a half size image
on the film itself. When this is printed on paper, it is going to look HUGE.
Found this link...it pretty much says the same thing I just did.
http://www.shutterfreaks.com/Tips/tomhicksmacros.html