Advanced section - General tab
Accessibility
Always use the cursor keys to navigate within pages - the webpage
will scroll down line by line, instead of page by page. You will
also see a cursor key if you enable this option.
Search for text when I start typing - Firefox will start searching
once you type.
Browsing
Use autoscrolling - for those who are using a mouse with a scroll
wheel, and you don't fancy scrolling all the time, check (tick)
this box. This allows you to click on the scroll wheel, and scroll
down the pages as fast or as slow as you want.
There will be people who don't like this feature, especially if you
misclick a lot of times.
Use smooth scrolling - smooth scrolling allows the smmoth moving of
pages when you scroll down a page, especially when you use the Page
Up or Page Down button. The page doesn't suddenly jump from one
page to another.
Check my spelling as I type - checks your spelling and underlines
it in red when your spelling is wrong. The dictionary used is an
American dictionary, so you will get warnings about your spelling
errors when spelling in British English, the English language used
in Singapore. To do so, install this British English Spelling
Dictionary and set it as the default dictionary to be
used.
Choose your preferred language for displaying pages -
self-explanatory. Just choose a language that you want.
English/United States (en-us) works fine for most of us.
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Advanced section - Network tab
Connection
Configure how Firefox connects to the Internet - this is more for
advanced users. By default, Firefox connects directly to the
Net.
You can change the way Firefox connects to the Net by clicking on
the Settings... button.
Direct connection to the Internet - that's the default, and not to
be changed unless you are having connections problems.
Auto-detect proxy settings for this network - use this option if
you know your ISP is using a proxy server, or your ISP requires you
to connect via their proxy server before connecting to the
Net.
Manual proxy configuration - this option is for those who are
complaining of slow Net speeds. For Singnet users, here's how you
configure it:
HTTP Proxy: proxy.singnet.com.sg Port: 8080
No Proxy for: localhost, 127.0.0.1
All the other fields are blank.
Starhub and Pacnet users, I don't know. Anybody who knows can
share. 
Automatic proxy configuration URL - no idea what this function is.
But is most probably not used by average users.
Cache
Stores the webpages you've viewed in your hard disk. For those who
have slow connections, it's better to use the cache, or you'll have
to load everything from the server, which is going to take a very
long time. For those with fast connections, set this to a low value
or don't use it is up to your own preferences.
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Advanced section - Update tab
Automatically check updates to - check for updates
By default, Firefox and Search Engines boxes are checked. If you
don't want Firefox to check for updates, untick the boxes.
When updates to Firefox are found:
Ask me what I want to do - Firefox will tell you about the updates
and ask you what to do.
Automatically download and install the update - it will download
and install the update when you open Firefox.
The Warn me if this will disable any of my add-ons
will make Firefox warn you when the update makes any of your addons
incompatible with Firefox.
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Advanced section - Encryption tab
Protocols
Use SSL 3.0 - Use Secure Sockets Layer Level 3 encryption, for
communicating securely with websites. This is a common protocol
used by banks, or any sites that needs you to transfer money.
Use TLS 1.0 - TLS is Transport Layer Security, is another
encryption protocol similar to SSL. Some websites use TLS 1.0, so
if you disable this option, you might not be able to visit
them.
Certificates
When a site that requires a certificate:
Select one automatically - Firefox will automatically select the
relevant certificate and use it to communicate with the
server.
Ask me every time - Firefox will prompt you to choose the
appropriate certificate before making a connection.