This area can be used for displaying anything you want. For example, you could show , a list of upcoming events, , MP3 Player for WP, and , a dropdown box that allows users to choose the style displayed.
Other suggestions include , displaying random lines of text from a separate text file, , which displays a customizable list of random posts, , to display random excerpts, and , which displays a random image from a directory of images.
Or, you could show users , which quotes the most recent comments and links them to the post, , getting the most-recent post content or excerpt by category, , allowing users to sign up to be notified when an entry is made to your weblog, via email, and , which allows you to show your current weather conditions. See for more ideas of what to put here.