Default Text Encoding to use when writing ID3v24 tags
The Default Text Encoding … options are what Jaikoz will use when creating any new fields if it can, if you have also selected the Save existing fields using this encoding option then Jaikoz will use this text encoding for any existing fields if it can.
IS0-8859-1 uses one byte per character, UTF-16 uses two bytes per character so that it can store a wider range of characters - but requires more space. UTF-8 uses one byte where it can, but two bytes otherwise and is usually the best option.