Options

About
Options menu is about your preferences. You can either Enable or Disable Arcade Mode (which is used for Tournaments,Parties or Scoring things)

Fullscreen
It's the first option. It'll change the game's graphics to Fullscreen. To go windowed,when in Fullscreen,select "Go To Window"

Joypad
There's an option about if you want to play with the Joypad.

You can either play with a Xbox 360 Controller.

Enable/Disable Sound
Enables or disables SFX (Sound Effects) and Soundtrack

Vsync
Prevents screen tearing by lowering fps until it matches your monitor's refresh rate. If you would want it on or off depends on mostly on personal preference. You can inform yourself further here

Arcade Mode
Used for Tournaments, Battles, Duels etc.

"Delete Records"
Permanently deletes all your data. If you want to delete your data, use this option.