Fully writable directory is 777. The flags are described in this part of the man page:
A numeric mode is from one to four octal digits (0-7), derived by
adding up the bits with values 4, 2, and 1. Any omitted digits are
assumed to be leading zeros. The first digit selects the set user ID
(4) and set group ID (2) and sticky (1) attributes. The second digit
selects permissions for the user who owns the file: read (4), write
(2), and execute (1); the third selects permissions for other users in
the file's group, with the same values; and the fourth for other users
not in the file's group, with the same values.
I guess you get the message about reformatting when you run man chmod, right? It means it's processing the page to fit your screen. Not harmful at all.