Adblock options explained...

Gathered the following mostly from the forums.

Obj-Tabs:

This would place a translucent tab next to Flash movies and similar Objects, which can be clicked for blocking.

Collapse Blocked Elements:

Adblock will remove the space left where the blocked Object was.

Check Parent Links:

Adblock will also filter on the URL the ads point to, and not only their own URL. That is, the objects from a blocked server will also be blocked when this option is enabled.

Site Blocking:

If enabled, it will display Blocked Sites. If disabled, it shows the site in your filter list, but will not display any Objects.

See this for more info.