Compression damping.
This is the damping that a shock absorber provides as it's being compressed, ie. as you hit a bump in the road. It's the resistance of the unit to alter from its steady state to its compressed state. Imagine you're riding along and you hit a bump. If there is too little compression damping, the wheel will not meet enough resistance as the suspension compresses. Not enough energy is dissipated by the time you reach the crest of the bump and because the wheel and other unsprung components have their own mass, the wheel will continue to move upwards. This unweights or unloads the tyre and in extreme cases, it can lose contact with the road. Either way, you briefly lose traction and control.
The opposite is true if compression damping is too heavy. As the wheel encounters the bump in the road, the resistance to moving is high and so at the crest of the bump, the remaining energy from the upward motion through the shock absorber is transferred into the frame of the bike or the chassis of the car, lifting it up.
Rebound damping.
Go on - have a guess at what this is. Well in case you're not following along, this is the damping that a shock absorber provides as it returns from its compressed state to its steady state, ie. after you've crested the bump in the road. Too light, and the feeling of control in your vehicle is minimised because the wheel will move very quickly. The feeling is the soft, plush ride you find in a lot of American cars. Or mushy as we like to call it. Too heavy, and the shock absorber can't return quickly enough. As the contour of the road drops away after the bump, the wheel has a hard time "catching up". This can result in reduced traction, and a downward shift in the height of the vehicle. If that happens, you can overload the tyre when the weight of the vehicle bottoms-out the suspension.
Damping controllers.
High-end kit has controls on the shock absorber for both compression and rebound damping. Typically the rebound damping will be a screwdriver slot at the top of the shock absorber, and compression damping will be a knob either on the side or on the remote reservoir. Ultra-high-end kit has separate controls for high- and low-speed damping. ie. you can make the shock absorber behave differently over small bumps (low speed compression and rebound) than it does over large bumps (high speed compression and rebound). Of course you could buy yourself a nice big TV, a DVD player, dark curtains, a new couch and a year's supply of popcorn for the same cost as four of these units.
Spring preload.
Some motorbike suspension units, as well as some found on cars, give you the ability to alter the spring preload or pre-tension. This means that you're artificially compressing the spring a little which will alter the vehicle's static sag - the amount of suspension travel the vehicle consumes all by itself. For example, if you ride a motorbike on your own, the preload might work on the factory setup. But if you put a passenger on the back, the tendency is for the bike to sag because there's now more sprung weight. Increasing the preload on the spring plate will help compensate for this.
Sprung vs. unsprung weight.
Simply put, sprung weight is everything from the springs up, and unsprung weight is everything from the springs down. Wheels, shock absorbers, springs, knuckle joints and tyres contribute to the unsprung weight. The car, engine, fluids, you, your passenger, the kids, the bags of candy and the portable Playstation all contribute to the sprung weight. Reducing unsprung weight is the key to increasing performance of the car. If you can make the wheels, tyres and swingarms lighter, then the suspension will spend more time compensating for bumps in the road, and less time compensating for the mass of the wheels etc.
The greater the unsprung weight, the greater the inertia of the suspension, which will be unable to respond as quickly to rapid changes in the road surface.
As an added benefit, putting lighter wheels on the car can increase your engine's apparent power. Why? Well the engine has to turn the gearbox and driveshafts, and at the end of that, the wheels and tyres. Heavier wheels and tyres require more torque to get turning, which saps engine power. Lighter wheels and tyres allow more of the engine's torque to go into getting you going than spinning the wheels. That's why sports cars have carbon fibre driveshafts and ultra light alloy wheels.
