Here you can enter a name for the object.
If an element was assigned to a layer its layer color will be displayed here. This field reflects the layer color in the Layer Palette. You can drag & drop layers from the Layer Manager or similar layer fields onto this field. You can also assign layers or remove elements from current layers using the menus located behind the small triangle.
This is where you will find all settings relative to Global Illumination and the display of material channels in Enhanced OpenGL (not 3D Volume Shader) mode.
Materials assigned to an object will be listed here. Alternately, an object can also be dragged and dropped into this field.