There's a chain of classes P, NP(aka Sigma_1), Sigma_2, .., Sigma_n, ... PSPACE, EXPTIME. What we know for sure is that P < EXPTIME, others are unknown (well, maybe this paper adds something to this, time will tell).
It's conceivable that each of them is smaller than the next, but also that e.g. P < NP = all the sigmas < PSPACE < EXPTIME or many other possibilities. I think the general consensus is that it's more likely that there are more inequalities than not, but the fact is that we can't even show that P is less than PSPACE so far, which would be extraordinarily surprising if it were true.
It's conceivable that each of them is smaller than the next, but also that e.g. P < NP = all the sigmas < PSPACE < EXPTIME or many other possibilities. I think the general consensus is that it's more likely that there are more inequalities than not, but the fact is that we can't even show that P is less than PSPACE so far, which would be extraordinarily surprising if it were true.