The markers on the right side indicate 1 hour intervals and your calendar events show up there. When an event is less than an hour away, its color is highlighted, which is also highlighted in the calendar text box.

Touching the hours of the main time will bring you to the stopwatch while the minutes bring you to the timer. Touching the center of the calendar box beneath, brings you to the calendar app.

Between the hours and minutes is a small rectangular progress bar that indicates how far into the week time has progressed. Bottom is Monday, top is Sunday.