Basically, there are 3 theme function in the theme.txt file. You can use one of those as a base to override the configuration of the rotating views. The two things you should be concerned with are $options['mouseover_pause'] which should equal 1 and either $options['interval_time'] or $options['transition_time']. These control the speed in seconds of either the transition or the time between the transitions.
You can basically copy and paste what's in the theme.txt file into your template.php file and change the couple things you need to.
I've installed and setup the Views Rotator module on my site, but am having trouble figuring out exactly how to configure a few of the settings. The two things I want to do is make it so the image pauses when the mouse is hovering over it, and to slow down the speed in which the image transitions. I've read through the theme.txt file, but unfortunately pretty much all of it goes way over my head. Could anyone dumb it down a little bit for me?
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