Alpha 3 button configs.. Long and Arcade?

Classic Fighting Games Street Fighter Alpha Anthology
1

I was wondering what precisely do these options mean.
Long, Normal and Arcade.
From what I know theres more leeway on the time from the motion to hitting the button.
Anyone have precise definitions and what not?

2

Basically your right, Long Normal and Arcade refer to buffering time. On Long mode, you can do the motion slower and press the button later and still get a fireball, on arcade mode you have to be faster.