For the time being the sections [settings] and [wod_settings] are not used.
The other two sections are explained in WikiUpgradeToVoodoo.
[privileges] sheet.view = Anonymous sheet.create = Member sheet.modify = Admin,God,Owner sheet.delete = Admin,God,Owner sheet.convert = God
Comma separated entries limit the permissions to only the types listed, whereby Owner is a non-group reserved word. Singular group entries limit the permissions to the group listed and any group with an equal or higher access level.
A more detailed explanation on Voodoo Privileges can be found here.