Natural length (scale length, λ)
Beginner
How far the drain’s influence reaches into the channel. The gate stays in charge only if the channel is several times longer than this.
Novice
A length set by the shape and materials of a transistor that says how far the electric field of the source and drain spreads under the gate. A device behaves well when its gate is several natural lengths long.
Expert
The decay length of the 2D Poisson solution along the channel, in the simple model, where grows with the number of gated sides. Short-channel effects scale as , so minimum is a multiple of (about for planar bulk in published scaling theory).
Explained in Shrinking (Transistors).
See also: Short-channel effects, EOT (equivalent oxide thickness).