Scan Resolution: Whatever your scanner's highest is. See my Vuescan Batch Scanning Tutorial for directions. Batch Scanning: This allows scanning more than one image at a time.
In the current version, I see no difference. In earlier versions of Vuescan, I did get different results, and for some images I liked the scans using the IMAGE setting, and for some I preferred the SLIDE FILM setting. In actual practice, I can see no difference between the two settings. I have no idea how the software would know what the actual scene looked like, but that's what the Vuescan Users Guide said. Vuescan's instructions used to say that if you choose IMAGE, it will try to make the scan look as close as it can to the colors in the slide and if you choose SLIDE FILM, it will try to make the scan look more like the actual colors in the scene. For color slides and transparencies, there are actually two choices that will work.
Media: This tells Vuescan what type of film you're scanning. Source: If you have more than one scanner connected, you'll need to choose the one you want Vuescan to use.