Using this pallet we can edit the color values of our background and foreground colors (found at the bottom of the toolbox. As these are editable via the Color Picker (accessed by double clicking on the swatches at the bottom of the toolbox) this Pallet is mostly redundant. It does, however, present these values in a much more user friendly way than the messy Color Picker. In the screen grab below, note how the color values have been set to display as HSB. More on this topic here.