As many of you know, WordPress is no longer just a tool for blogging. It’s a great solution to use as a Content Management System. If you’re a webmaster who wants all of the easy of use of WordPress and control abilities, but require a CMS solution, WordPress is a great option.
When you want to use WordPress as a CMS, navigate to SETTINGS->READING. Select the option to have your front page display a static page. This will be your “home page”. Now select a page to be your “posts” page.
All in One SEO Pack now supports multiple methods of utilizing the CMS features in WordPress. Whether you use a PHP custom page template for your home and/or static page, a custom loop, or any other method, All in One SEO Pack now supports all of these configurations and customizations.
For your posts page, All in One SEO Pack now has an option to control the keywords shown. You can either set the keywords manually in the page editor in the All in One SEO Pack section 
or else you can use the new Dynamic Keyword Generator now built into All in One SEO Pack.
With this option, all the keywords (and optionally tags as well) of whichever posts are currently showing on the posts page, well be automatically used as META keywords on your page for posts.
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Remember, you can still manually add your META keywords for your Posts page like you've always done with All in One SEO Pack, but unchecking the Dynamic Keywords Generator.
So what are the recommended default settings? The screen shots you include look like they are from older versions (for example, what about connonical?).
And will changing a setting (e.g. to autogenerate) overwrite previous posts that I hand-entered?