Basically, the upshot of all this is that "infinity" is not a single entity, but a concept that encompasses a multitude of different things. The common terms "infinity" or "infinitely large" aren't precise enough to pin things down.
First of all, the "infinity" used in calculus is
not the same thing as the Cantorian infinities (cardinals/ordinals), and it is this infinity that's frequently associated with the infinity symbol. Some complex number analysis use the set C U {infinity} to make the reasoning cleaner, but this infinity has nothing to do with the Cantorian infinities.
The Cantorian infinities, as others have said, come in two varieties: the ordinals, measuring sequence, and the cardinals, measuring size. In the finite realm, these two concepts are one and the same; however, once you go beyond the finite realm, these two concepts give rise to two very different set of infinities. Hence, when speaking of infinite things, one should not confuse the two.
The omegas are all ordinals, and consist of all well-ordered sets. (Well-ordered meaning that they have a less-than relation defined between their members, such that this relation is linear, and every possible subset of the set has a least element.) Note that multiple ordinals may correspond with the same cardinal (i.e., multiple ordinals have the same "number of elements"), simply by rearranging elements. For example, if you take the set N of natural numbers, and rename 0 to be omega, and define omega to be the greatest element in the set, then you end up with the set that is isomorphic to what Cantor names Omega+1. However, omega+1 has exactly the same number of elements as N itself, in terms of size. They are just arranged funny.
Cardinals completely disregard all orderings, and measure sets in terms of pure size. Two sets are defined to be of the same cardinality (the "same size") if there exists at least one bijection between them (a 1-to-1 and onto function between their elements). The idea, of course, is that we can't count up to an infinite quantity in order to compare the number of elements in two infinite sets, but if we can establish a 1-to-1 mapping between them with no elements left over, then they must be of the same size. (E.g., at a birthday party, if you have N hats and M people, and after passing out all the hats there are no hats left and no one with no hat, then you conclude N=M. The advantage of this approach is that you don't have to know what N and M are, which we can't know when N and M are infinite.)
Many infinite sets have the same cardinality: for example, the set of positive integers, the set of integers, the set of all rational numbers, the set of two-dimensional integer coordinates, the set of N-dimensional integer coordinates (where N is a finite integer, of course). The proof of all this is better left to another post.

The point is that even sets that we "intuitively" consider as "larger", such as the set of rational numbers vs. the set of whole numbers, are of the same size. In this particular case, the size is Aleph<sub>0</sub>.
Given so many sets that are the same size even though we imagine them to be different, we may be tempted to think that there's only one infinite cardinal, Aleph<sub>0</sub>. However, Cantor proved that if you take a set S of cardinality Aleph<sub>0</sub> and build a set P(S) consisting of all possible subsets of S, then P(S) is
strictly larger than S. In other words, card(P(S)) > card(S). Or, using another notation, 2<sup>S</sup> > S. (CAVEAT: do not confuse this notation with integer/real number exponentiation, because it is NOT. It is simply a notation generalized from the fact that the set of all subsets, or power set, of a finite set X has 2<sup>X</sup> elements. This ONLY applies to finite sets.) In fact, it can be proved that for sets of
any cardinality, 2<sup>S</sup> > S.
It is well-known that the set of all subsets of natural numbers has the same cardinality as the set of real numbers. That is to say, card(R) = 2<sup>Aleph<sub>0</sub></sup>. This is strictly larger than Aleph<sub>0</sub>, so there are "infinitely more" real numbers than there are natural numbers. The size of R is often denoted as c, so c = 2<sup>Aleph<sub>0</sub></sup>.
However, what is
not so straightforward is whether Aleph<sub>1</sub> = c. Aleph<sub>1</sub>, by the way, is the cardinality of set of all well-ordered sets of cardinality Aleph<sub>0</sub>. In general, Aleph<sub>n</sub> is the cardinality of the set of all well-ordered sets of cardinality Aleph<sub>n-1</sub>. It can be proved that Aleph<sub>n+1</sub> > Aleph<sub>n</sub> for all n. That is, the Alephs are strictly larger than preceding Alephs in terms of cardinality.
But the problem is, we don't know exactly how the Alephs correspond with the power sets. We know that 2<sup>Aleph<sub>0</sub></sup> = c, and c > Aleph<sub>0</sub>, and Aleph<sub>1</sub> > Aleph<sub>0</sub>. But we
don't know whether 2<sup>Aleph<sub>0</sub></sup> is equal to, greater than, or less than Aleph<sub>1</sub>. That is, we don't know if there's anything "between" Aleph<sub>0</sub> and c. The so-called "Continuum Hypothesis" is that 2<sup>Aleph<sub>0</sub></sup> = Aleph<sub>1</sub>.
Sadly, the Continuum Hypothesis (CH) is an undecidable statement, as predicted by Godel's Incompleteness theorems. We cannot prove whether it's true or false from the axioms of set theory (ZFC). It is not possible to prove it.
So what do we do? We cannot prove CH, but it has profound implications for several important theorems in mathematics, so what mathematicians have done is to explore either possibility, in the hopes that eventually, after we learned enough about the consequences of choosing CH either way, we can pick the more "preferred" option and make it a new axiom.
Anyway, the point of all this is that if you want to compare the Alephs to the power sets, then you need to state whether or not you're assuming CH, because the conclusions you draw will be drastically different depending on your choice.
Now coming back to the topic, we need to understand that infinity is a very complex concept, and so when we use the term "infinity" we need to be clear what exactly we're referring to.
If you're talking about orderings and sequences, then "infinity" refers to transfinite ordinals -- and these have well-defined meanings for addition, multiplication, and exponentiation. (However, subtraction, division, or roots are
not well-defined on these things.) And it is generally true that given two ordinals V and W, V+V = 2*V, V+V+V+...(W times) = V*W, and V*V*V*...(W times) = V<sup>W</sup>.
If you're talking about the
size of sets, then you're talking about cardinals, and if you have two infinite cardinals A and B, then A+A = A*A = A<sup>n</sup> = A (where n is a finite number), and A+B = A*B = max(A,B). However, 2<sup>A</sup> > A, and A<sup>B</sup> is greater than either A or B.
If you're talking about "infinity" as used in calculus, e.g., in sets like C union {infinity}, then infinity+infinity, infinity*infinity, and infinity<sup>infinity</sup> are all nonsense and have no meaning, because these operations are not well-defined.