Alpha 3 button configs.. Long and Arcade?

I was wondering what precisely do these options mean.
Long, Normal and Arcade.
From what I know theres more leeway on the time from the motion to hitting the button.
Anyone have precise definitions and what not?

Basically your right, Long Normal and Arcade refer to buffering time. On Long mode, you can do the motion slower and press the button later and still get a fireball, on arcade mode you have to be faster.