The 757-200 is the definitive version and forms the majority of 757s sold. It shares its fuselage cross section with the smaller 727 and 737. Boeing positioned the plane above the 737 and as an eventual replacement for the 727.
The 757-300 is a 23.4 ft stretched version of the -200, that first flew in August 1998. The 757-300 has the capacity to seat 289 passengers in a 29" pitch one class cabin, though the highest configuration in airline service is 280 seats