Depending on your card you might be able to run it @ faster or fast, performance doesn't change actually between these settings but for the sake of trying just try it out, it can't harm your PC...you might just have to clear CMOS and re-set the values if it gets totally unstable/not POSTing.
Asus never disclosed any real information on these settings though.
Some people even insist that PEG Link Mode overclocks your card automatically but I don't think that it's doing that ( check with RivaTuner for changes in your graphics card clocks when trying out the settings )
Here's what Asus 'disclosed' in the past:
[ASUS]Let's begin with PEG Link Mode, which has received a lot of interest recently. This feature, found only on ASUS 915P- and 925X-based motherboards, allows users to raise GPU and VGA memory throughput via the motherboard BIOS the same way system bus and memory bus are tweaked. PEG Link Mode enables powerful video performance on DX8 and DX9 applications. ASUS engineers carefully fine-tuned the parameters for every single PCI-Express card to provide system stability during high-speed graphics operation.
Under PEG Link, there are five settings for this unique function: Auto, Slow, Normal, Fast and Faster. The default setting is Auto, which means the motherboard will automatically adjust for the correct frequency according to system configuration. For advanced users who demand more precise overclocking, they can select the other four settings to achieve the most suitable graphics card performance.[/ASUS]