The curves on top represent the change in sensitivity for the sliders under it. This is similar to controls-settings for RC-helicopters:
Less sensitive still allows you to use the full range, but input-controls at the middle have less steering effect and at the extremes have more effect. This allows for better control in the center-area. In RC-terms this is described as 'Expo' or Exponential.
Linear controls (straight line) will have the same amount off steering effect over the whole range. You can guess the last one.
This video will explain: https://www.youtube.com/watch?v=skU51E5ilG0.
The 'V'-setting is in fact a drop-down menu to define the multiplication-factor of the input, which will limit the effective range of motion (RoM) of your controller.
With a factor of 2.0 full steering will be reached at 50% motion (2.0 x 50% = 100%). Inputs outside the 50%-circle are not used or 'clipped'.
This allows you to use dime-size inputs for full control, especially useful for realistic helicopter-steering.
I'll try to add some pictures/graphics later.