Settings: Set chart layout options for the way you want to see this song on this device. The setting will be remembered in both portrait and landscape orientations.
Display preferences: set global display options that apply to all songs.
Lyrics display mode: Shown only if you have a song with lyrics loaded. ways to show chords and lyrics (large or small).
Reset song defaults: Shown only if you have a library song with any performance parameters (tempo, key, groove etc..) changed. This will reset the library song to the saved values. This will not appear for your songs (under MySongs), for those, the parameter changes are saved in the song automatically.