SubpixelText means that we may slide the image of a character a
fraction of a pixel (and re-image from the outline) in an attempt to
respect positions/advances that are fractional. It affects the
position of the character's outline before it is converted to pixels
(by shifting it slightly).
e.g.
drawText("H", 0, 10, ...)
and
drawText("H", 0.25, 10, ...)
If there is no subpixel positioning, both of these H letters will land
on the same pixel (x=0), since pixels are at integral positions. With
subpixel positioning, the 2nd H will be at pixel x=0, but its image
will have been shifted slightly to the right, affecting all of its
pixels.
LCDRender just means that we take advantage of the R,G,B color
components in a given pixel to make the antialiasing look better.