
Very nice and a damned fine card!

AA stands for AntiAliasing while AF stands for Anisotropic Filtering. Here's a little bit more about them ...
ANISO (AF):

At a very basic level it enhances in game details and textures and helps to overcome the blurring effect of AA, although AA is not required for its implimentation it is rec to notice the most diff in most games. Radeons do this with little hit while GF3/4TI take a bigger hit but do tend to be slightly higher quality, it pretty much evens out but makes a lot of sense to stick it on for the Radeon cards.

To get a bit deeper I need to get a little more technical. Texture mapping involves wrapping a texture's 2D sample around a 3D object to give the look of a brick wall, fur, wood etc, hence a texture map is used to apply textures to objects. Texture filtering dictates how texels (the elements of a texture) are used to produce the final pixels which make up the image. Through these processes textures are scaled up or down depending on distance and size. Often a series of pre-scaled textures are used to minimise distortion and maximise both speed and quality. Mipmap refers to the sequence of these scaled textures. 2 main types of texture filtering are BiLinear and TriLinear which are best for objects that are at right angles to the viewpoint. Aniso takes things a bit further by coping much better with the multitude of actual angles that a game may use. These 3 texture filtering methods obviously all come at a perf cost. BiL takes 4 texture reads per pixel, TriL 8 (effectively uses 2 lots of BiL) which mostly helps the detail of objects further away. Aniso copes with many more variables and can map more accurately to angled textures,
the bottom line is increased quality of textures esp on mid and long range objects.
AA:

Very simply Aliasing is the result of trying to show curved or diagonal lines on a display made up of squares, what you end up with is a step effect (also called jaggies) rather than a smooth line/curve. AntiAliasing (AA) removes this effect by basicly smoothing the surrounding pixels. ATI Radeons and GF2 use SuperSampling (rendering more pixels than used in final output) which takes a larger perf hit and is quite old and inefficient. GF3, GF4TI and Rad9700 use MultiSampling which involves more guess work; much faster but slightly blurrier results. The slight blurriness can be overcome by the use of Anisotropic Filtering which sharpens the textures and results in an image easily as good as Supersampling but is still faster and more efficient. Certainly for the GF3/4TI cards aniso is only officially for OpenGL, but there are many 3rd party utils which can force this on in both DirX and OpenGL. There are many types of AA, generally here they are:
2xAA (GF3 and GF4TI take only a tiny hit with this enabled)
4xAA (noticably better results than 2xAA mode but only Rad9700 can currently do this without slowing down significantly)
6xAA (Rad9700 mode which is even better looking than 4xAA, albeit marginally)
QxAA (GF4TI only take the same hit as for 2xAA, you get a more 4xAA look but with a lot more blurriness, GF3 can do it too but slightly slower)
4xS AA (GF4TI take a large hit but this is 6xAA type quality, nice just to see what it's like but not really feasible yet)
FxAA (Fragment AA found on the Matrox Parhelia which is technically brilliant but does have its short-falls, effectively gives parts of the image 16xAA)

So if you have a GF3 or GF4TI 2xAA and a little AF is what you want, if you have a Rad8500/9000 then forget AA and enable 8tap or 16tap AF. If the res is maxxed out and you apply these settings then you can go ahead and try more but do expect a perf hit, generally you want to higher the res rather than use AA on Rad or high AF on GF3/4TI. Of course those with Rad9700 can enable 6xAA and 16tap AF and still fly, but then that's what they pay the money for!