Ok I made this up to help people. I explained most of the options, some I wasn't sure of and some were just pretty obvious. If I skipped one and if you have the explanation for it, let me know and I'll edit the post.

Made this it's own Post so we don't hijack Shabby's CWM post, hope it helps:

Option 1: Reboot now - reboots the phone
Option 2: Install zip from SD card - Used to flash 3rd party apps

If you choose option 2 you will get a new screen with these options:
Option 2a: Choose zip from sdcard - if you put the zip on your internal sdcard
Option 2b: apply /sdcard/update.zip - for a specially named zip
Option 2c: toggle signature Verification -
Option 2d: Choose zip from external sdcard - to choose a zip from the external sd card, (recommended)
If you choose Option 2d, you will be taken to a new screen with all the folders and zips on your external
sd card. highlight the one you want to flash and press power button​

Option 3: Wipe data/factory reset - this will format your /data and /cache. When flashing ROMs it is usually needed,
Option 4: Wipe Cache partition. - formats the cache partition
Option 5: Backup and Restore

Option 5a: backup - Backs up your entire phone to internal sdcard
Option 5b: restore - Restores a previous backup from the internal sdcard
Option 5c: delete - Deletes previous backup from internal sdcard
Option 5d: Advanced restore - Allows you to pick and choose which parts of the backup you want to restore, from internal sdcard.
Option 5e: free unused backup data
Option 5f: choose default backup format
Option 5g: backup to external sdcard - Backs up your entire phone to the external sdcard (recommended)
Option 5h: restore from external sdcard - Allows you to choose a previous backup from external sd card (recommended)
Option 5i: advanced restore from external sdcard - Allows you to pick and choose which parts of the backup you want to restore, from external sdcard.
Option 5j: delete from external sdcard - Deletes a backup from external sd card​

Option 6: Mounts and storage - Not usually used but pretty obvious

Option 6a: Unmount /cache
Option 6b: Unmount /data
Option 6c: Unmount /external_sd
Option 6d: mount /system
Option 6e: mount /cust
Option 6f: mount /sdcard
Option 6g: format /cache
Option 6h: format /data
Option 6i: format /external_sd
Option 6j: format /system
Option 6k: format /cust
Option 6l: format /sdcard
Option 6m: format /data and /data/shared (/sdcard)
​

Option 7: Reboot to bootloader
Option 8: Advanced

Option 8a: reboot recovery - reboots the recovery program
Option 8b: power off - turns off phone
Option 8c: wipe dalvik cache
Option 8d: key test
Option 8e: show log
Option 8f: fix permissions
Option 8g: partition external sd card
​