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Binding – Enables connection/binding between V-Ray and the corresponding base application material.

Color – Enables color binding. Changing the V-Ray material color changes the corresponding base application material color and vise versa.

Opacity – Enables opacity/ transparency binding. Changing the SketchUp material transparency, however, does not change the V-Ray material. Instead, it disables the Opacity binding.

Texture Mode – Enables texture binding. Changing the V-Ray material texture changes the corresponding base application material texture and vise versa. 

Auto – By default binds the Diffuse texture to the base app material. Clicking on the "eye" icon for a texture used in the shader hierarchy, changes the binded map to the newly selected one. 
Texture Helper – Allows the use of a helper texture as a base application material map. The same helper is used if the binded texture is a procedural map. This is useful if every time you have to set texture placement for a map that can't be displayed accurately in the base app.
Custom – Allows for the use of a custom texture as base application map. The selected texture is displayed in the viewport. Keep in mind that procedural textures are not displayed.

Disabling this parameter allows changing the base app material texture without affecting the V-Ray material.