That data allows the graphic card to render faster when using the lower mips (less memory bandwidth) and also reduces the Texture aliasing (shimmering) that becomes visible when having detailed Texture in certain distances. The mip-map chain consists of multiple levels of the sample image, each half the resolution of the level before. Mip-map generation happens during importing of the Texture and creates a mip-map chain for the Texture. The Level Of Detail section displays mip and LOD settings. The compression quality for generated textures. A value of 0 means the maximum size for the format on each platform, except HDR long/lat cubemaps, which default to a resolution of 512.
The maximum resolution for generated textures. The compression settings to use when building the Texture. If enabled, defer compression of the Texture until save. If enabled, the Textures Alpha channel will be discarded during compression.