with any newer version of q3map2, -fast is the best to use, if you are just gonna test something, use -faster. I find -bounce to be a waste of time generally, as I cant visually detect much difference. i also generally use -patchshadows and -samples 3 on final compiles.
you can read about all the minor switches for -light here
http://en.wikibooks.org/wiki/Q3Map2/Light