This is very rude answer, I have went via Mikrotik wiki pages and gone through the theory. And I have overall understanding were I use these settings, but I wanted answers from more experiences people. Those used to change these setting to get one or other scenario working, this is another way of learning, experimenting, messing as you said to master the things!!!!!Real -world scenario:
If you can't distingush the functions, and you do not have any desire to understand, leave the default values.
Because if you change them, without any form of knowledge of what you doing, you only risk making a mess.