PCM and 48kHz refer to the format of the digital audio signal that it detected - specifically, PCM audio (the format used by CD's) at a 48kHz sampling rate. Afterward it switches to displaying the actual processing mode being used (stereo, Dolby Digital, Pro Logic II, ...).

Pro Logic II is a refinement of the original Pro Logic. It takes a stereo signal (from a CD, video tape, cable or satellite broadcast, or a DVD with a Dolby Digital 2.0 track) and generates a 5.1 surround signal. Think of it as a very respectable simulation of Dolby Digital 5.1 surround from a stereo signal. (For an overview of the 950's processing modes, I've got a section in my 950 review .)

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