Search mode activates all 3 search skills simotaneously, Spot, Search and Listen. These skills are in use automatically most of the time (combat the exception) but activating search mode calls for an immediate DC roll vs your skill points thus revealing anything hidden nearby at a desired time on the condition of successful rolls. It does, in effect speed things up and that's really all it does. It is useful for when you are in combat or when you've just come out of combat (which disables auto-searching) and want to quickly find a secret door or sommat.

Parry is also automatic so switching to parry mode is pointless. These two functions are essentially broken and always have been.