Pradyumna
Read through config.h and app_hw_kinetis.h in the uTaskerV1.4 application.
In config.h you can enable or disable major function (eg. I2C, CAN, Ethernet - and choose TCP/IP services- , USB - and choose classes - SD card/FAT, LCD, SPI Flash file system extension, etc.)
In app_hw_kinetis.h you can enable or disable more HW specific things (eg. processor speed, which timers you want to support, whether the SD card is using SDHC or SPI, and which pins, type and size of SPI Flash and which pins, whether you want ADC, DAC, RTC, pin mapping for peripherals with multiple connections, interrupt and DMA priorities, etc.)
Of course, if the chip used doesn't have a certain peripheral enabling it will not actually do anything (eg. yours doesn't have Ethernet).
There are some special project files like ADC_timers.h where certain timer demonstrations are configured (eg. PIT, PWM, LPTMR in monostable or periodic interrupt modes, or ADC DMA operation triggered by HW timers).
Therefore you have great flexibility for configuring many features in a single application - they are all designed to work together (as far as possible) and can be used on a large variety of Kinetis processors/boards so you can simply set the processor and board defines to use the same application configuration on multiple targets (no "porting" between devices is necessary).
The idea is that you configure a project framework this way so that you start with a working system performing a variety of functions/services and then adapt or add you own apllication to it to shape it into a final solution.
Don't forget that the project also includes boot loader projects so you can also use these (serial, SD card, USB-MSD, USB-HID [incl. KBOOT USB-HID mode], Ethernet Web Server, etc.) out-of-the-box together with the application on essentially any KE, KL or K part.
Finally don't forget to use the VisualStudio target to simulate your processor and board (in real-time) since this allows simple checking of configuratiosn right up to testing and debugging the complete application, including peripheral interrupt and DMA operation!
Regards
Mark
P.S. There are documents detailing most of the individual modules: http://www.utasker.com/docs/documentation.html