> I have no idea what the sequences like "\v!"and "\c!" etc. mean.
> Are they references to modes?

I asked much the same question on tex.stackexchange.com two months
ago, except mine was not so nice and focused.
Aditya gave a very nice explanation of what the letters do; clearer
than the one on the wiki, I thought. Here's a link straight to his
answer:
http://tex.stackexchange.com/a/58716/2229

They are used as language-agnostic forms.
Using ConTeXt's English format, you'd type \startmarginblock
Using ConTeXt's French format, you'd type \demarreblocmarge
So to accomodate both, we define variables
\s!start --> start or demarre, and
\e!marginblock --> marginblock or blocmarge,
depending on the language, and then we tell TeX we want to run the
command named with the string
\s!start\e!marginblock --> startmarginblock or demarreblocmarge.
(Example not entirely accurate, I believe the variable for
startmarginblock is define holisticaly. But you get my point.)

Example of the need for the letter codes, paraphrased from mult-ini.mkiv:
Where English uses 'left', in Dutch one finds both 'links' for '(on)
the left' and 'linker' for 'the left one'. Hence the letter codes, so
we can have
\v!left --> links and
\c!left --> linker.

\c! is for keywords
\v! is for value names
\s! is for system bits
\e! is for elements

Hope this helps you in reading the sources!

Cheers,
Sietse
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