The Hotbox provides quick access to some very useful settings. To show the hotbox, hold down the Spacebar. Release the S pacebar and it disappears. An annotated image is shown below.
You can also press and release Shift+spacebar to pop up the Hotbox in a semi-persistent mode. In this mode, the hotbox will remain visible until you click in the scene somewhere outside of the box, without the need to hold the spacebar down.
Most of the top row of buttons are Hotbox Camera Controls, described in that topic. The far-right button is the scene Backround Color. Click on this button and a color-picker will open, allowing you to set the background color.
The second row is broken up into two sets of mutually-exclusive buttons. The Normals setting determines which type of surface normals are used in the rendering of meshes:
The Color setting determines which of two color modes is in use:
The bottom row has quick-access sliders to the current Brush Size and Strength. These are handy if you are in the middle of sculpting and don't want to have to go all the way back over to the Properties panel.