The checkbox controls the transform mode of TransformControls. Default is global if checked it is local. Global means you transform the object always with respect to the world coordinate system. Local means, you perform transformations with respect to the local space.
The camera selection box allows you to view the scene through cameras added to the scene.
It’s currently not possible to change the sensitivity of the controls with the editor’s GUI.
Another thing I noticed which is a bit annoying is that the expanded menu bar options don’t minimise when you click in the 3D viewport(I’m not sure what it’s called). They only minimise when you click somewhere in the Scene/Project/Settings tab or in an empty space in the menu bar.
The current release r120 which was published last week introduced Pointer Events in various control classes. This change could be responsible for certain UI related issues.