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Render as subdivision surface – When enabled, the object will be subdivided during rendering. The settings for this subdivision can be controlled globally from the the Default Displacement roll roll up in the Settings tab of the Render Settings dialog. You can also control the subdivision quality per object by adding the Subdivision and Subdivision and Displacement Quality  extra attributes.

Preserve Map Borders – Specifies how to handle subdivisions of UV coordinates at UV seams when Subdivide UVs is enabled. The possible values are:

None – UVs are always subdivided regardless of whether they are on a UV seam or not.
Internal – Only preserve UVs if they are on an internal UV seam.
All – Does not subdivide UVs on UV seams.

Subdivide UVs – Enables the UVs of the object will be subdivided at the borders.

Geometry Generation – Determines when the geometry is compiled during rendering.

On the Fly  – The subdivision Geometry dynamically  goes into the dynamic memory pool during rendering from which it can later be removed if needed. This process is at the expense of some speed, but potentially saving on RAM. 
Pre-tessellated  – The subdivision geometry is pre-compiled into an acceleration structure at the beginning of the rendering and remains there until the end of the frame. This may speed up the rendering and increase the memory usage.

Classic Catmull Clark – When this option is enabled V-Ray uses the Classic Catmul-Clark method for subdividing the mesh instead of the hybrid one used by default. This option should be enabled only if the mesh is composed entirely of rectangular faces or it will not work.

Preserve Geometry Borders – Specifies whether subdivision geometry borders are preserved or not.