I found my resultion, so I'm posting in case anyone else cares...
* Does that display for all users?
* What is the unit, Minutes, Seconds, Hours????
* Does it go away when you look at the page?
* Does it go away for everyone after someone looks at the page?
- units are seconds
- no. too bad though.. that would be cool
- again no.
If the target for a local Wiki link has changed within the timeout period, the "NEW" icon appears. It disappears after that. So if your timeout is 86400 (1 day in seconds) then after 24 hours, if the target page hasn't changed, the icon will go away.