This is the screen where you “Scan” or “Setup repeater”. You ~may~ see the mode as “station pseudobridge” or “station bridge”. The SSID may be the last Wifi to which you were connected (say, “CoffeeHouseWifi”). The “Security Profile” may be “CoffeeHouseWifi-repeater” if there was a password.
There is an easy way to let the mAP Lite select the proper SSID and Security profile. http://forum.mikrotik.com/t/travel-router/144678/1
If you use “station” you will probably handle this as WAN connection, and do NAT and masquerading. Works with every public AP, that only sees that station.
For “station bridge”, the bridge will only be granted by another MT AP. It will be a full-function transparent LAN connection. You can always use the WAN setup also.
“station pseudo bridge” aka “repeater mode” is for non-MT AP as transparant LAN connection, with some limitations (eg troubles with DHCP, the client behind pseudo bridge must initiate communication to build the IPv4 forward map in the pseudo-bridge)