The STATISTICS_LEVEL parameter controls a bunch of features. In addition to the STATISTICS_LEVEL, also the V$STATISTICS_LEVEL view provides a list of the ones it controls.

SQL> SELECT statistics_name, description, activation_level
  2  FROM v$statistics_level
  3  ORDER BY 3 DESC, 1;

STATISTICS_NAME                        DESCRIPTION                                                  ACTIVATION_LEVEL
-------------------------------------- ------------------------------------------------------------ ----------------
Active Session History                 Monitors active session activity using MMNL                  TYPICAL
Adaptive Thresholds Enabled            Controls if Adaptive Thresholds should be enabled            TYPICAL
Automated Maintenance Tasks            Controls if Automated Maintenance should be enabled          TYPICAL
Bind Data Capture                      Enables capture of bind values used by SQL statements        TYPICAL
Buffer Cache Advice                    Predicts the impact of different cache sizes on number of    TYPICAL
                                       physical reads
Global Cache Statistics                RAC Buffer Cache statistics                                  TYPICAL
Longops Statistics                     Enables Longops Statistics                                   TYPICAL
MTTR Advice                            Predicts the impact of different MTTR settings on number of  TYPICAL
                                       physical I/Os
Modification Monitoring                Enables modification monitoring                              TYPICAL
PGA Advice                             Predicts the impact of different values of pga_aggregate_tar TYPICAL
                                       get on the performance of memory intensive SQL operators
Plan Execution Sampling                Enables plan lines sampling                                  TYPICAL
SQL Monitoring                         Controls if SQL Monitoring should be enabled                 TYPICAL
Segment Level Statistics               Enables gathering of segment access statistics               TYPICAL
Shared Pool Advice                     Predicts the impact of different values of shared_pool_size  TYPICAL
                                       on elapsed parse time saved
Streams Pool Advice                    Predicts impact on Streams perfomance of different  Streams  TYPICAL
                                       pool sizes
Threshold-based Alerts                 Controls if Threshold-based Alerts should be enabled         TYPICAL
Time Model Events                      Enables Statics collection for time events                   TYPICAL
Timed Statistics                       Enables gathering of timed statistics                        TYPICAL
Ultrafast Latch Statistics             Maintains statistics for ultrafast latches in the fast path  TYPICAL
Undo Advisor, Alerts and Fast Ramp up  Transaction layer manageability features                     TYPICAL
V$IOSTAT_* statistics                  Controls if I/O stats in v$iostat_ should be enabled         TYPICAL
Plan Execution Statistics              Enables collection of plan execution statistics              ALL
Timed OS Statistics                    Enables gathering of timed operating system statistics       ALL

Something that I learned only recently is that STATISTICS_LEVEL also controls cardinality feedback and adaptive cursor sharing. This fact, according to me, is neither (clearly) documented nor pointed out by the information provided by V$STATISTICS_LEVEL. In any case, when STATISTICS_LEVEL is set to BASIC at the system level both features are disabled. Interestingly, an ALTER SESSION SET STATISTICS_LEVEL = TYPICAL it is not enough to enable them… For adaptive cursor sharing it is possible to use the BIND_AWARE hint, though.

Note that I never advise to set STATISTICS_LEVEL at the system level to a value that is different from the default (TYPICAL). Probably for this reason I didn’t notice its impact for such a long time…

In any case I find it a bit disappointing that this information is not clearly stated somewhere. Or I’m the only one that was not aware?