Those settings...if memory serves are conducive to recording. For comparison it's the same as 340, 720p, and 1080p ...SP was like 1080 is now...better quality...but only 2 hrs. of record time EP 4 hrs. of recording but lower quality. Edited per FLF's answer below...except it is slower speed better picture...but less available tape as all the quality is loaded on the tape...the lesser the quality the more tape that can be used.
The SP has the best video quality when it comes to recording with VCR. The SP is also good for recording video content with constant movement and lively color. You can check out http://www.ehow.com/about_6608242_sp_-lp-slp_.html for more information.