It allows you to set the maximum transmit bandwidth for your video stream, control whether you're sending greyscale or color video, and toggle sending on and off. It also has a button to bring up a list of sites reporting in as viewing you. Clicking in video windows will toggle an extra control panel which allows you to adjust the brightness and contrast of the image. If you delete the control panel window in this fashion, the program will exit. It's caused by an IndigoVideo driver bug and can be ignored.
Additional bug reports, or other comments and suggestions are always welcome via email.