A pad which is easy to modulate will not lock up easily because you can keep it at its limit easily with slight changes in pedal pressure. If the brakes have good initial bite, it means the brakes will reach their maximum braking limit quickly. The downside is a brake with "good initial bite" can tend to be grabby and over slow the car when you lightly (relative term) touch the brakes. However, if your tracks you run require "brute force" braking, then you probably want to go with the maximum torque availble and can trade-off some of the modulation. If tracks require just a touch of the brakes for high speed corners, you may not want a "high initial bite." So to try and break down the ads, "easy to modulate and very consistent" means the pads will be easy to keep at the limit and they'll release quickly once the pedal pressure is reduced, also they will remain that way over the designed operating temperature range, "good modulation" again means you should be able to easily hold the brakes at their limit, "outstanding initial bite with great modulation" means the pads will reach their peak effectiveness very quickly, and can easily be kept there, "pedal modulation required" this ones confusing as all brakes need modulation when working at the limit, but if used in conjuction with the other pads in the ad, probably means the pad will be harder to modulate.