Many of the options (but my no means all) are documented beginning page 18 of the full TRS2006 manual (which is also supplied as a PDF with TS2009, but not with TS2010). Also, a search of the Forums will return quite a few hits on this topic as it has been much discussed in the past (unfortunately many threads dissappeared with the great Forum Crash of 2006)
I have experimented with many settings over the years. Most I now leave to default. Here are my current settings. Those after the blank line are additions to the standard settings supplied by Auran.
-DepthBits=24
-StencilBits=8
-Jet=bin
-cabinfov=50
-driverfov=42
-DefaultAutoMip=none
-DynamicVertexBufferSize=4194304
-DynamicIndexBufferSize=196608
-VBO
-showkuids
-resourcememory=1536
-framerate=24
-allownoctrlrightclick
-intro=disable
-nolog
Why I use these
-showkuids: usefull in Surveyor for identifying content
-resourcememory: much discussed elsewhere
-framerate=24: smooths out lag resulting from rapid changes in framerate in DirectX. Also has added advantage of keeping Graphics card running cooler, which should be better for longevity. 24fps is fast enough for my eyes. For 2006 -vsynch=1 is more effective, but it doesn't seem to work as well in TS2009 and TS2010
-intro=disable: because intro gets annoying, but required for some people to prevent crashes on startup
-nolog: save unneccessary disk writes. You can always comment out (by removing the dash) if you need the log to diagnose a problem
Phil