Library/List General Settings Area in SharePoint 2010

The General Settings area of the library/list has been expanded in SharePoint 2010 to include multiple new settings, including Validation, Column Default Value (for libraries), Rating, Metadata Navigation, Per-Location View, and Form (for lists).

Here is an overview to see what you can do with each of these options.

General Settings Configuration Options

Setting Name	What You Can Accomplish
Title, Description and Navigation	Just like it sounds!
Versioning	Configure item approval, versioning (major and minor), and require check-out.
Advanced	A plethora of options including allowing for content types, search visibility, allowing for folders, or datasheet view.
Validation	Allows you to create formulas that compare two or more columns in your library or list.
Column Default Value	Add or edit default values for columns indicated in the library or list Validation settings.
Rating	A Yes or No option that allows items in the library or list to be rated.
Audience Targeting	A Yes or No option that allows the library or list to use audience targeting. Enabling audience targeting creates a Targeting column for this list. Some Web Parts can use this data to filter list contents based on whether the user is in the audience.
Metadata Navigation	Allows for a hierarchical management of the library or list in the Navigation Tree View. Hierarchical options can include content types, choice questions, or a managed metadata field.
Per-Location View	Allows you to set the default view that appears when a user browses to a specific location in the list or library. When used with metadata navigation, you can set views for each level in the metadata hierarchy.
Form	Available for lists only. You need InfoPath 14 (2010) to utilize these settings.

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Source:http://www.dummies.com/how-to/content/librarylist-general-settings-area-in-sharepoint-20.html