According to the manual (the 2 page sheet that came with mine?) the power settings are 10%, 25%, 50%, and 100%. Which setting you will want depends on multiple factors including the ISO setting, f-stop, as well as the distance to the subject. While there are rules of thumb for this, I'm not sure the guide number of 20 is completely accurate on this flash, so it may be more effective to just experiment with different settings to find some that work best for different conditions. I've also got a diffuser for mine, so it drops the output a little, but I do like it better this way since otherwise I found it a little harsh for anything closer up. For macro work I tend to use the lowest or second power setting, and try to angle the unit to give edge lighting or it can be too harsh. For non-macro I'll use the higher two settings, but like I said, it really depends on quite a few factors, so a bit of trial and error here can be useful.
Pre-flash is a more of a try it until it works setting. There are 4 pre-flash settings, the instructions from the manual are:
"Important Notice: Slave strobe will not function properly if camera is et to "Red Eye" flash mode. For proper operation, please make sure camera is set to "Force" or "Auto" flash mode.
Your camera's pre-flash may be set from zero pre-flash up to as many as four. To determine your camera's setting, first turn on the Strobe. You will note the red LED is defaulted from the factory to the buttom light (0 positions).
Press the pre-flash button 4 times, this will illuminate the top LED and set the strobe to recognize 4 pre-flashes. In a darkened room take a picture of the strobe with the camera on forced flash or auto setting. If the strobe flash has not fired your camera is set at less then 4 pre-flashes (if uncertain immediately check the green ready-light - it will remain on if it it has not fired). IF THE STROBE HAS FIRED, THIS SETTING IS THE CORRECT ONE FOR YOUR CAMERA - DO NOT CHANGE.
If the strobe has not fired, re-set the pre-flash to LED #3 by continually pressing the pre-flash button until the position #3 is reached.
Repeat the above procedure by dropping one position until the strobe fires, this will identify the proper pre-flash setting that matches your camera. DO NOT CHANGE THIS SETTING: THE STROBE WILL NOW DEFAULT TO THIS SETTING WHENEVER IT IS TURNED ON.
It is prudent to check this setting before each dive to assure that you haven't accidentally changed the setting"
My Canon SD770 and Canon G11 both use the #1 pre-flash setting, but it can be different for every camera. Make sure as they say to turn off the red-eye feature or it can really throw it off.