Search on each one on Help in the Excel VBA editor (or search MSDN).

In a nutshell: R1C1 means the formula uses R1C1 notation (e.g. R2C3 instead of C2). Local means use the language of the user (French, English, etc.). Hidden means whether the formula is hidden when book is protected. Label sets type of forumla labels to use. Array means, well...it means an array formula. You can read about array formulas and formula labels in the regular Excel help files.