I have a G3 that has a similar C1 and C2 setting. I keep my C1 setting at a very fast shutter speed so I can catch those action shots. I keep my C2 setting a a very slow shutter speed so I can take night pictures.
Of course you will need to play around with the camera a bit to see what settings produce the best pictures so you can save those setting.
Have fun and welcome to the world of the DigiCam.