Phone Number Format
From SmartWiki
The Phone Number Format setting on the Phone and Fax Contact and Account Standard Fields and custom fields determines which phone number formats will be accepted in these fields.
If none of the check-boxes are selected then any format and any number of digits will be accepted.
Otherwise only the selected number of digits will be accepted, and the format will be converted to the selected formatting (if one has been selected).
No Conversion is the only option for 14- and 15-digit phone numbers since enforcing a format on international numbers cannot be done reliably (the length of the country code, ID code and subscriber number all vary).