The two settings are EDC and Power (throttle). If steering can be set I'd be surprised since my car is running V42 software. But yes OP, that controls the startup of those 2 functions prior to pressing the M button. Don't really see why they couldn't have made the steering option available too, and then shift lights and Drivelogic for DCT owners. Not like there'd be a safety concern like putting DSC startup options in there.
Likely selling end of 2015:
11 M3 E92 Le Mans | Black Nov w/ Alum | 6MT | Premium 2 | Convenience | 19" | EDC | Prem Audio | Moonroof | BMW Apps | Yoko AD08 R | Vorshlag Adjustable Camber Plates | StopTech ST-60 380mm BBK | Castrol SRF Fluid | ModMyNav.com rear camera | ECS Tuning Sunglasses Holder