I finally figured it out. All those options make it overwhelming. Especially with no docs.
The only part I'm confused about is the Directional pad settings as they have more than one listing in the box in the lower left hand corner.
It's not my deal that the MorphOS Team is not providing the docs. There is a 165 KB manual, explaining the hid.class in detail. Actually, if the manual would have been installed at the right place (as it is being done on the Classic Amiga), the context sensitive page would come up right on pressing the help key (F12/Menu?) inside the relevant window.
The manual is in this archive, just in case it isn't in MOSSYS:Locale/Help
http://www.platon42.de/files/usb/PoseidonV4.lhaAlso, the fabulous Total Amiga magazine included a brief HID Tutorial in 2003, which can be downloaded and read here:
http://www.totalamiga.org/pdf/totalamiga_17.pdf