The settings is the sole point where you can adjust the behavior and appearance of the map. While some of the controls have obvious meaning, some of them do not, so let us take them one by one.
Map source drop-down list lets you choose which map source will be rendered on the map. The map sources are implemented as plugins of the application, which means that the list will gradually grow.
3D boost expresses how expressively will the altitude be painted, i. e. the higher 3D boost, the higher rate of 3D effect.
View angle is applied when having Live View disabled. View angle is the angle in which you observe the map.
GPS control means that the map is centered to the current GPS position. When turned off, the map center can be moved by swiping your fingers over it.
Live View - when turned on, the map is rotating along with the phone: it affects both current view angle and rotation of the map (yet it leaves the View angle setting alone). With Live View, data from accelerometer and compass of your phone come to effect.
Active Search toggles automatic searching POIs within five kilometers from current position.
Cursor toggles rendering of the cursor on the map. The cursor marks the map center.