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Configs are stored in *.conf files, and loaded into the .conf namespace. The format is KEY=VAL, and the types are dynamically inferred. For example, the following config file: 
SOMELOGS=some/path
MYSYMS=`JPM`GE
LOT_SIZE=100
WEIGHT=0.35
WRITE_EVERY=00:05
will render in q as: 
q).conf.SOMELOGS
"some/path"
q)conf.MYSYMS
`JPM`GE
q).conf.LOT_SIZE
100
q).conf.WEIGHT
0.35
q).conf.WRITE_EVERY
00:05

​
Precedence

Config files are loaded in the following order, from lowest to highest precedence:
LocationDescription
~/.qi/qi.confMachine-wide settings
.qi/qi.confLocal project-level settings
[PATH-TO-PACKAGE]/defaults.confDefaults for the package type
~/.qi/tp.confApplies to all tickerplants on this machine
.qi/gw.confApplies to all gateways in this project
q qi.q wdb1 -WRITE_EVERY 00:05Command-line arguments (highest priority)