This option timestamps various types of incoming/outgoing messages with the current time and date, using the format found in $asctime().
This allows you to strip out the Control Codes codes from incoming private messages or channel messages.
Ctcp finger reply
The message a user receives when they /ctcp finger you.
The message displayed to other users when you quit IRC.
Split long channel/query messages
If you type a message that is long enough that it might be chopped by the maximum message length allowed by a server, this option makes mIRC split the message into several smaller messages to make sure that it is sent intact.