noprocrast is the switch that turns it on and off, maxvisit minites is the longest you're allowed to look before you get kicked off for minaway minutes. I forget what delay does.
Delay is the amount of time (in minutes) between when you hit submit and when the comment is posted, its for people (like me) who post something than immediately decide to edit it.
...There's a new "delay" field in your profile that lets you specify the delay (in minutes) between when you create a comment and when it's visible to others; this was added because many users edit comments immediately after posting them.
Also
7 Nov: Anti-procrastination features
Like email, social news sites can be dangerously addictive. So the latest version of Hacker News has a feature to let you limit your use of the site. There are three new fields in your profile, noprocrast, maxvisit, and minaway. (You can edit your profile by clicking on your username.) Noprocrast is turned off by default. If you turn it on by setting it to "yes," you'll only be allowed to visit the site for maxvisit minutes at a time, with gaps of minaway minutes in between. The defaults are 20 and 180, which would let you view the site for 20 minutes at a time, and then not allow you back in for 3 hours. You can override noprocrast if you want, in which case your visit clock starts over at zero.