This option adds a "Geode" timecounter which is better than the i8254. The reason this option is not optional is that the SC1100 chip has some sort of problem with the i8254 and using it as timecounter results in timekeeping problems.
This option sets things up for the soekris board. Right now it doesn't do anything, but /dev/led/error support is being worked on.
No specific kernel options are available for the 48xx series at the moment.