H! all more experienced Pentax users

I noticed in the K-7 menu there are two settings for each of the RAW and colour space, to which I am running the standard settings, sRGB & PEF (until better informed)

Is there any difference in ether of the settings? I guess my system and editing software may have some influence on my choice (Win7 laptop with Coral PaintShop Photo X3)

The main reason for asking is when I load and refresh RAW images they are extremely slow (yes I know the speed of my machine will affect this).

TIA