I think that ...
Precision is distance control. The higher the number, the distance meter is more accurate.
Forgiveness is based on how far off of a "ding" you click. The higher the number, the more forgiving the putter is for "mishit/non-ding" putts.
Balance is MOI/Torque but I think it is more effective on longer putts than shorter ones. The higher the number, the "straighter" the putt will start on line and not wander off line as much on mishits/non-dings.
Meter speed is how slow or fast the meter moves. The higher the number, the slower the meter moves.
I sold my Scotty Cameron Select Newport and replaced with Odyssey Triple Track for higher everything except Balance and it helped me go from a decent putter to a good putter. More Forgiveness, Distance control combined with slower meter speed was the game changer for me.
My final putter will be Scotty Cameron Phantom M1 or M2 once I am able to level up to 98.