If the step size is 0.03 then rigid body calculations are performed once every frame. Collision Tolerance controls the accuracy of collisions. The smaller the tolerance the more accurate and slower the calculations. Solver Method allows you to choose between three methods. If you are not using some of these states, it is best to turn them off in order to gain speed.
State refers to the effect of fields, collisions, and constraints.
It effectively turns off the solver all together. Display options allow you to select what shows up in your window. This will keyframe a change to passive or active at the current frame. When changing from active to passive, the motion does not carry over. Using Multiple Solvers Multiple Solvers can be used to lessen the calculations Maya has to do.