-m10 is 10 max children. In 3.x each child gets reused more than once before it is thrown away to reduce overhead of startup/shutdown. However, this has the drawback that if a child sucks up a lot of memory doing one spam, it has that memory until it goes away. By default that is a pretty long time (measured in number of mails processed). Cutting down the number of mails processed by each child before it restarts gets the memory returned faster.
I think the --max_con_per_child goes on the same command line, but I could be wrong, not having used it myself. You can find it in the wiki or in the archives here. Theo has mentioned it frequently if you want to do an archive search. Loren