schmoo my guess is it is the number of engagement points in your hub. The more engagement points the faster you will feel your hub catch and provide torque.
It's not necessarily the number of pawls, as in King hubs which use helical splines.
the standard hub has 24 teeth for engagement....king has 72 teeth which engage the spline. Industry Nine has 120 points of engagement with 6 pawls....lots of different configurations.
the faster the engagement the less you'll wait for the wheel to catch up to your legs. This gets very important in situations where you need immediate reaction to your pedal stroke.
I notice the difference in the number of engagement points when pedaling through extremely technical sections of rock gardens while mountain biking....sometimes you need the torque immediately and waiting for it causes you to lose balance and miss a line, or fall.
think of it as the number of degrees your wheel has to turn before it engages...
24 engagement points....your hub needs to rotate 15 degrees before it engages
72 points....5 degrees
120 points...3 degrees
BIG difference, in some situations. you may not feel it while you are spinning, but you'll feel it when you are starting your pedal stroke or increasing your speed with the application of significant torque