Bluetooth Settings
Used to turn Bluetooth on or off, add Bluetooth devices and adjust settings.
Recommended settings: Turn all bluetooth off unless you have a wireless keyboard, mouse, PDA, etc. This can be a security risk if left on with incorrect settings.

CDs & DVDs Settings
Lets you set what happens when you insert a blank CD or DVD, a music or picture CD or a video DVD.
Recommended settings: Leave to default unless you need these to open in specific applications like Photoshop.

Display Settings
This pane will change depending on what you have attached to your computer. If you have more than one display attached, there will be a pref pane for each one. It sets the screen resolution, brightness, color settings and arrangement of screens (if there are multiple displays).
Recommended settings: Turn on Show displays in menu bar. This allows for quick access to settings for laptop users particularly when using unfamiliar projectors in classrooms.

Display>Arrangement Settings
Allows you to set how the displays work together. You can also move the toolbar to your preferred main screen.

Display>Color Settings
Still the same from OS X.4 to OS X.5 and will reflect what display(s) is/are attached

Energy Saver Settings
This will vary depending if you're on a laptop or desktop and whether you're running off battery or the power adapter. This is where you optimize your computer's energy consumption. Recommended settings: Adjust to your preference.

Keyboard Settings
This area will help adjust the response speed of your mouse, trackpad or keyboard.
Recommended settings: For laptop users, turn off the "Illuminate keyboard in low light conditions" if battery power is critical.

Trackpad settings
For laptop users only.
Apple has excellent tips on how to use it effectively, how to scroll, and how to select and drag.

Mouse Settings
This will reflect what is attached. The above is for a standard wired
Apple Might Mouse
Recommended settings: Turn off the top and side buttons. Change the right button to secondary so you have a right click option. From Apple: use it to open applications, how to clean it, and how to use it.

Bluetooth settings
Recommended settings: everything should be off unless you are using a wireless device. From Apple: What you can do with Bluetooth, what is it, and other articles.

Keyboard Shortcuts
Displays all the default built-in shortcuts available in the operating system.
Recommended settings: Leave to default.
From Apple: How to use these global shortcuts.

Print & Fax Settings
Let's you add a printer, monitor print jobs, set up to receive faxes, etc.
Recommended settings: Leave to default.

Sound Settings
Changes your computer's sound volume, its sound effects or adjusts the input/output of devices.
Recommended Settings: Usually left to its default settings.