Settings

chunks
Radius of full-detail voxel terrain around you (16 m per chunk). Higher costs memory and loading time.
m
How far low-detail terrain reaches.
How many background threads build the terrain you see (Normal, 2; Medium, half this computer's processor cores; Max, all of them), and how fine distant terrain is (Normal a little coarser, Max finer). More loads terrain faster and shows more far away; less leaves the computer more room for other things.
The game fills the screen when you click into it (Esc leaves full-screen and asks whether to leave the world; Stay goes back).
How far generated voxels may stray from the true surface; smaller is more detailed and slower. Only development servers honor it.
Off: tools for mining and blocks to place aren't drawn in your hand (you dig and place by hand); weapons, food and the like still are.

Grass

m
How far from you grass blades grow (0: none, just the texture). Farther costs more drawing.
%
How tall the blades are, from half their usual height to twice it.
%
How much of the grass grows in patches with blades and texture; the rest is plain ground.
%
How much the wind moves the grass (0: still).