They pretty much control everything!! It's almost like the pedal response in the old LS1.
I've played around a bit with those on my LFW and the issue is you tend to make the engine very responsive for little pedal input, which makes the car feel really good, but guess what, above 25% there is nothing more, it's already at full load. So really all you end up doing is having 0 - 25% usable pedal, it's a very strange feeling.
The different modes will be like, normal, sports etc.