2 Move card --> into schedule ("memorized").
3 Next interval will be shorter.
4 Next interval will be equal.
5 Next interval will be longer.
If you select grade 5, the easiness factor is increased and the card is scheduled for future repetition based on the previous record of repetitions.
If you select grade 2 or 3, the easiness factor is decreased and the card is scheduled for future repetition based on the previous record of repetitions.
If you select grade 0 or 1, the easiness factor is unchanged and the card is put back in the stack of unmemorised cards."
BTW regarding the OP's questions on the subject of generally playing nice with the algorithm, I'd suggest not to sweat it too much. It's probably a better use of your time to assume that you'll remember a card tomorrow and risk occasional failures, than to repeatedly grade them 1 and cram them.
A good place to find out lots of well-referenced information about spaced repetition is Gwern's page on the subject: http://www.gwern.net/Spaced%20repetition
Oisín
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On the one hand, the algorithm is
the most efficient way to memorize something over a long period of
time, where you can afford to forget, and recover the memory over
periods of days or weeks. But, in the real world, people need to
acquire bullet proof memory for an exam in 6 weeks.
For me (with Anki 1.2) cramming worked very well when it employed SRS-
style ordering and spacing. I might review 20 times per day, with
cards coming due in 10 minutes to 10 hours. My performance fed back
into the scheduling, influencing relative order and spacing between
cards.
That's definitely not SRS (corresponding to the forgetting curve,
which is measured in days). But, it was a million times more effective
than typical "cramming" the same material over and over again. It
leveraged the SRS's ability to focus me time on what I needed to see.
My time is finite, and I could spend as much as possible reviewing
only the cards I was having the most trouble acquiring and retaining
(short term).