Board Sizes

Game-Theoretic Values for Boards
White Wins Black Wins Draws
6x7 6x4 4x4 to 4x10
6x9 6x6 5x4 to 5x10
7x6 6x8 6x5
7x8 8x4 7x4
8x5 8x6 7x5
8x7 9x4 7x7
9x5 9x6  
10x5 10x4  

The traditional board size is 7x6, though because it is a straight-forward change to the rules, other sizes are not uncommon (as can be seen on the  Play Online page). A number of board sizes have been solved. What does it mean for a game to be solved? Victor Allis provided these definitions in his Ph.D. thesis,  Searching for Solutions in Games and Artificial Intelligence (PDF):

ultra-weakly solved
For the initial position(s), the game-theoretic value [which player will win if both play perfectly] has been determined.
weakly solved
For the initial position(s), a strategy has been determined to obtain at least the game-theoretic value of the game, for both players, under reasonable resources.
strongly solved
For all legal positions, a strategy has been determined to obtain the game-theoretic value of the position, for both players, under reasonable resources.

7x6 Four in a Row was weakly solved as a win for White by James D. Allen, who published his finding in the rec.games.programmer newsgroup on October 1, 1988. Allen is sometimes credited as finding the solution in 1989, perhaps because in that year he published his result as "A Note on the Computer Solution of Connect-Four" in Heuristic Programming in Artificial Intelligence: The First Computer Olympiad (ISBN 0-7458-0778-X).

On October 16, 1988, Victor Allis added  another post to the rec.games.programmer newgroup, annoucing his independent (also weak) solution of Four in a Row (agreeing with Allen's result) which is described in more detail in his Master's thesis,  A Knowledge-based Approach of Connect-Four (PDF). Allis also declared that the second player, with perfect play, could at least draw on a 7x4 board, as well as on any board of even height with a width less than 7.

More recently, John Tromp claims to have strongly solved a number of boards, as described on  his page. His work completes the Values for Boards table above.