Basic Properties
You can assign all objects and elements (e.g. shaders) any name you like. The object or element will appear under this name, e.g. in the XPresso Editor or in the Timeline.
Tracks will be named according to their animated parameter name by default. You can, though, rename your track to anything you like (Tarzan, Jane, Mike, Mary, etc.). If a R is located next to a name, this means that it is an auto-relative F-Curve, i.e., the F-Curve in the F-Curve mode has been moved for display purposes and the keys shown no longer reflect the Real Key Value.
If the element (object, tag, track, etc.) has been assigned to a layer, you will find the layer name and color here. Layers can be dragged here directly from the Layer Bowser or from other similar fields. You can also use the menu behind the small triangle button on the right to assign layers or remove the element from the current layer. Show in Manager opens the Layer Manager.
Click on the small triangle to the left of Layer to show the layer properties. This gives you access to all properties that are otherwise only accessible via the Layer Manager.