[source]
It means some third party (maybe you, maybe your OS distro's package mantainer, maybe your sysadmin) built Erlang from source. The alternative is downloading an official binary version from Erlang.org.
[smp:2:2]
The [smp:2] tag changed to this format in Erlang R13, meaning 2 schedulers, both of which are online. If you say "erl +S1", it says [smp:1:1] instead. You can take schedulers offline at runtime with erlang:system_flag(schedulers_online, N), where N can be anything between 1 and the number of cores detected, inclusive.
Other tags you can see here:
[rq:2]
Means 2 run queues, a new feature as of R13, allowing Erlang to make better use of multi-core machines. The first SMP-capable versions of Erlang had multiple schedulers (e.g. [smp:2]) but a single shared run queue, which limited scalability.
[64-bit]
The BEAM emulator is built to make full use of a 64-bit CPU.
[hybrid-heap]
Appears if you passed --enable-hybrid-heap to the configure script. It affects how the emulator deals with data shared among multiple processes. The hybrid heap is more complex to manage, but avoids multiple copies of shared data, which can be a net advantage when your program has lots of shared data.
[incremental GC]
Appears if the hybrid heap option is enabled and you have also uncommented the #define INCREMENTAL line in erts/emulator/beam/erl_vm.h. Apparently an experimental feature.
[debug-compiled]
The emulator was built such that it can be run under a native debugger.
[type-assertions]
Appears when you uncomment the ET_DEBUG line in erts/emulator/beam/erl_term.h, enabling runtime checking of all type-specific data accesses. Not enabled by default because it slows down the emulator.
[lock-checking]
Appears if you passed --enable-lock-check to the configure script.
[lock-counting]
Appears if you passed --enable-lock-counter to the configure script.
[purify-compiled]
The emulator was compiled with Purify support.
[valgrind-compiled]
Appears when you build on a platform with Valgrind installed, and the configure script finds valgrind.h.
*(This list comes from erts/emulator/beam/erl_bif_info.c in the Erlang OTP source tree.)*