Initial Delay: is the time before the effect starts to take place. Display Time: is the time that the text is displayed for before the next animation starts to replace it. Sync: Animates all the letters at the same time. Shuffle: Randomizes the character in/out sequence. Reverse: Reverses the character sequence. NOTE: When using Shuffle or Reverse, Sync should be turned off. Delay Scale: sets the delay factor applied to each consecutive character. Delay: sets the delay between each character.
The very first item in the widget settings is a checkbox. This is necessary so that the text can actually be seen in EverWeb. If the box is unchecked the text will disappear because it has an animation and hasn't actually appeared yet! Once the text has been entered and customized, this box must be unchecked before publishing - otherwise the animation won't work.
The delay and delay scale settings will be quite confusing and the best way to understand their effect is to experiment with different values for each on a simple "In" animation to get an idea of how they effect the animation.