Note - refers to how close the actual note is to target pitch. 100 would mean each note having to be exact, so if its a little bit off at this setting it tries to correct. Setting this somewhere 70 - 80 allows variation, not being too critical. If you had a really good performance and wanted to fix any infraction (like some pop music) then you can set this higher 80 - 95. But 95-100 is looking to remove any human error.
Sense - refers to how much the pitch will be adjusted/moved. Too high and you start hearing "the fix" and the part starts sounding unnatural - though this can be used to create an artificial voice/vocoder effect.
Adjusting V-Vocal parameters in their extremes can create Cher Vocals, the T-Pain Effect, Stuttering... try taking a simple passage and doing things they don't recommend doing and you'll get some weird results. Add a tempo synced delay afterwards, have fun.