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The chequerboard pattern depicts the canvas. It enables you to quickly see whether a panel is transparent or not:– 2 pics, one transparent, one not –

{center}
!transparent.png! \\ {span:class=smalltext}Transparent{span}
{center}

{center}
!filled.png! \\ {span:class=smalltext}Filled{span}
{center}

You will also see one or two feint dotted lines in the preview which indicate the amount of padding or margin spacing applied to the panel;:

Image Added– zoomed pic showing padding and margin –

Content button

This button allows you to edit the Panel Content (wiki notation and other panel-specific settings).

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