Well, I'm not HT, but I'll try to explain it.
The "host queue time" is basically telling you how long the host is taking to respond. This should be low, and ideally have no spikes.
The "varience in delay" is more difficult to explain, but basically what it is is it looks at your current ping time. What the graph is measuring is the amount that changes from moment to moment. If this spikes or makes square waves, something is wrong with your connect. (I've noticed the server will cause those square type waves and spikes are generally packet loss.) If you see either of these two, I'd probably run a trace route and see what's going on.
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bloom25
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THUNDERBIRDS