In Drupal the output of fields is controlled via "formatters". For example an image field can be output as the full image, as a thumbnail or simple as a linked file path. This setting is usally set per field, but using the field_formatter and field_formatter_preset modules the editor can choose the output format per each field instance.
field_formatter
The field formatter module allows to choose and configure the formatter on the node edit form. If the formatter has a lot of settings, the configuration of the formatter can be quite difficult for the editor. The field_slideshow formatter - for example - allows to render images as a slideshow, and 20+ settings to configure the slideshow. It is not feasible for the editor to configure the slideshow on every node again - but here field_formatter_preset module can help!
field_formatter_preset
This module allows to prepare predefinded formatter configurations for field_formatter. On the node edit form, the editor then only has to choose the preset and not fill out the complete configuration form for the formatter.
Note: Use the dev version of field_formatter to make it work with field_formatter_preset!