I apologize for the odd question but in terms of the segment draw distance setting just how far is a 'segment'? Is that say in blocks or some other measurement?
As der_scheme pointed out, a segment is 16x16x16 blocks. This can be proven in the .smd2 file format.1 segment = 10x10x10 blocks
Max segments; This is a cap of segments drawn in the game. The game will draw blocks until the cap is reached. A higher cap will ultimately lead to a further viewing distance should there be content to be drawn.