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Arkad

Location: Örs Veszer Tere, at the end of the red metro line.
Movie theater: No
Number of floors: 3
Restaurants: Mostly cafés and a medium food court downstairs
Food store: Yes, a very large Spar store in one end of the center.
Specialty stores: Several, best selection of the four centers.
Clothing stores: Greatest selection of the four centers.
Matav office: Yes

This is one of the biggest (together with Westend) shopping centers in Budapest. Also, IKEA is found here (200 meters from Arkad). This center has the best selection in stores and they have a post office, Matav office, large sports store, large electronics store, and the best selection in clothing stores.

Duna Plaza

Location: Blue metro, Gyöngyös utca stop
Movie theater: Yes
Number of floors: 3
Restaurants: Very few
Food store: No
Specialty stores: A few
Clothing stores: Several
Matav office: No

This is the smallest of the four. The movie theater here often shows English speaking movies without Hungarian subtitles, but unless you find a specific store here for you, there is nothing you can get here that you cannot find at any of the other shopping centers. The food court is extremely small and there are hardly any restaurants located inside Duna Plaza.

Mammut

Location: Moszkva ter metro stop on the red line, or by tram 4 or 6.
Movie theater: Yes
Number of floors: 4
Restaurants: Several, the best selection of the four centers.
Food store: There is a Match store on the ground floor. 
Specialty stores: A few, mostly cosmetics, but no large electronics store.
Clothing stores: Several
Matav office: Yes

This center has a big movie theater, but is characterized by its many restaurants and a great bowling alley. Several of the students go here to play a round of bowling for under 1000 HUF. There is also a two-story bookstore here with a good selection of foreign books.
NEW: Saturn just opened up on the ground floor of the shopping center. We have checked it out and it has a much wider selection of items than Media Markt, and often their prices are better, too.

Westend

Location: Nyugati palyudvar. Reached by blue metro, tram 4 or 6.
Movie theater: Yes
Number of floors: 4
Restaurants: A few, but they have the largest food court of the four centers.
Food store: A Match store inside the center and a Kaiser across the street.
Specialty stores: Several, but is the only center without a large sports store.
Clothing stores: Several
Matav office: Yes

This is the most popular shopping center among the student, since it is located in the middle of downtown Budapest. It is easily reached by both the blue metro and tram 2 or 4.
PS. There is a small bowling alley inside Westend, but it is hidden at the back of the arcade, located on the second floor.