Stream
In this mode a steady stream of words is coming in from the border of the screen and you score points for each word you complete first. Because there are always multiple targets available you can use different strategies, however. You can either go head to head and try to steal the word your oppenent is targeting, or you can simply choose a different word. On the other hand, some words may be easier to type then others...
Because of its relative simplicity this mode can be seen as the beginners' mode. It mostly rewards typing speed, with some tactial options in regards to target selection.
Lines
For this mode the words are arranged in a 5x5 grid with each word tied to a token. You can capture these tokens by typing their corresponding word and the first player to complete a straight line of five tokens scores. This spatial relationship requires you to think about your targeting strategy while reacting to your opponents actions. And this mode gets quite frantic, too: You can capture tokens as fast as you can type, and stealing already captures tokes is allowed.
The "lines" mode was introduced to counter the reliance on brawn (i.e. raw typing speed) of the "stream" mode with a healthy dose of brains, valueing tactics and attention before typing speed.
Attention
Just type a single word faster then your opponent! And stay sharp, after a random delay the next one will appear at a random position. If you like direct, all or nothing competition this mode is for you.
Reaction time and sustained attention is key for this mode, with typing speed as a follow up.
Tug
Again just a single word, but this time attached to a horizontal line. If you complete the word first, the line starts moving towards your opponent until he or she has also finished typing it. After a random delay a new word is generated, with this process repeated until the line reaches either end of the screen.
In contrast to the all or nothing principle seen in "attention", this mode doesn't punish you too much for being just a split second after your opponent. Instead the delays may cancel out each other and only sum up over time, providing much longer rounds then the other modes. Therefore endurance is the most needed skill here, followed by reaction time and typing speed.