You're getting closer, but man, read about filters and you are set!
classic ringing:
- a filter's way to over- or under shoot from ideal gain
classic filter delay: (rainbow artifacts (in parts) etc.)
- a filter's way to delay certain frequency different than others
About FIR tabs
More tabs:
- better roll-off of the filter, but perhaps more delay and ringing etc.
(depends on the FIR filter type, some filters can never ring)
- more computation needed (implemented in DSP, they work on FIR with many tabs)
Alternative
IIR filter:
- better roll-off characteristics
- more ringing, more (non-linear phase) delay, usually
- much faster than FIR for the same filter characteristics, usually
- may become unstable esp. when doing a fixed-point approximation
(filter coefficients need to be re-adjusted for fixed-point calculation)
- not so easy to control than FIRs, FIRs are a safe bet for DSPs
Each filter type of each class (FIR, IIR) has its strengths and weaknesses.
There is no ideal filter.
ideal: steepest roll-off, linear phase, and no overshoot over all frequencies