If you pick "yes", the Ice Tube Clock looks exactly the same.
If you pick "no", seconds are not displayed and a blinking dot is added between hours and minutes. If region is set to US, any leading 0 from hour is removed, and an A or P is added at the end of the clock to denote AM or PM.
If you pick "fast", then every display segment is used like this: HH.MM.SSxx where xx are hundredths of a second, so they scroll by really fast and look pretty nifty. See below video:
http://www.youtube.com/watch?v=Ce5uGABRwCk
I'll post the modified firmware in a little while, it's on my laptop which is at home and asleep, wife is going to wake it up for me when she gets back
Please pardon the horrible video quality and background setting/lighting

