Okay so the 3 flight settings:
Sensitivity controls how quickly the flight cursor moves. Pretty obvious.
Precision makes it so if you move your mouse slowly then the sensitivity is lowered further. Basically a mouse acceleration curve.
Response I think adjusts how sharp you turn when moving the cursor. So say you move the cursor 50 pixels to the right and keep it there. Response controls how much you'll turn while the cursor is at that position.