Type *
Is it a redirect for a product, category or something else.
ID Path *
Some unique identifier (inside the store?). So you can find your redirect)
Request Path *
The path the customer requests
Target Path *
The path you want the customer to see
Redirect
Do you want to make a HTTP redirect (301/302) or redirect internally, which means, no redirect is made, but the controller/router is transfering the request to the other controller
Description
no clue, I don't think it is anything important - it is just a description
Hope this answers the question?
Update:
Following this logic, for this example:
- old url
www.domain.com/all-category/boys-toys/action-toy-figures.html
- i want to redirct to this
www.domain.com/action-toy-figures.html
You need these settings:
- Request Path:
all-category/boys-toys/action-toy-figures.html
- Target Path:
action-toy-figures.html
Works for me:

HTTP/1.1 302 Moved Temporarily
Pragma: no-cache
Location: /test.html
Server: Apache/2.4.12 (Ubuntu)
Content-Type: text/html
Date: Wed, 30 Sep 2015 12:50:33 GMT
Content-Length: 0
Cache-Control: no-store, no-cache, must-revalidate, post-check=0, pre-check=0
Connection: close