Dual rate limits the amount of steering or throttle (or whatever is on that channel). Its probably easier to explain using throttle as an example. If you set your throttles dual rate setting at 50% then you throttle will only go from 0-50% of maximum. Or in other words when you have the throttle trigger pulled back all the way at wide open throttle your motor will only being going at half the its maximum speed. Like wise with steering, lets say you set your end points but then want to limit your steering response. A good example of this would be my high speed Rustler. When that kit is going 75+ MPH the slightest movement from the steering servo is highly exaggerated so I set my steering dual rate to 70% that way if I were to turn the wheel all the way to the right it would only be 70% of the way to where your EPA is set. That way I can turn the wheel on the TX a little and the movement isnt as great in the tires thus making it easier to steer at high speeds.
Did that make sense?