What is the "genie effect" for the dock on a Mac?

So I'm getting a MacBook Pro for Christmas, and I'm just a little bit over-obsessed and way too excited! LOL So I was wondering what the effect is with the "genie" effect for the dock settings? Also I know there is another effect too, but I don't know what it is, so what is that? Also what are the differences between the two? And What are the default settings of the dock magnification and other settings?