I had a problem with some webservices connections timing out in our environments and I thought that the timeouts where a bit long. Most of our webservices run inline with a user request and some of the default timeouts didn't make the cut.
The settings above is the onces set in Websphere Application Server by default.
connectionTimeout is the value in seconds how long you could wait for a connection from the connection pool. We changed our value to 60 seconds.
maxConnection is the number of connections in the pool. We had to few to we changed this to 100.
SocketTimeout is how long you could wait before the socket timeout on establishing an socket. 5 minutes is way to long if you have a customer waiting on the other end so we changed this value to 60 seconds.
You could read more about these settings at http://pic.dhe.ibm.com/infocenter/wasinfo/v6r0/index.jsp?topic=%2Fcom.ibm.websphere.express.doc%2Finfo%2Fexp%2Fae%2Frwbs_httptransportprop.html