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Hi Jerry,
ABSOLUTE_LOCAL means that you are setting the absolute position of the object, which in this case is (0,-1,0). This is regardless of the rotation of the node. In your example there would be no difference between ABSOLUTE_LOCAL or ABSOLUTE_WORLD.
ABSOLUTE_WORLD comes into play when an object is underneath a hierarchy of other objects. In this case ABSOLUTE_WORLD means you want to place the object at the specified world coordinates, regardless of the parent transforms.
RELATIVE_LOCAL is simply a pre-multiply operation on the existing transform. RELATIVE_WORLD is a post-multiply operation on the existing transform.
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