Can someone please explain these to me?

I have switched both of these options to lowest setting and the highest setting and do not notice any difference when operating my device.

Thanks in Advance

I have noticed that when Hover Period is set all the way up, I cannot press my finger on the line of text to edit it. So I switched it back.

I believe hover period is the amount of time needed to change the cursor type from the solid blue bar to the edit rectangle when typing.

Also the tap interval should be the amount of time inbetween 2 taps for zooming in browser and such.

I concur.