The Quick Properties palette in LT 2009 puts important object information right next to the cursor, meaning you don't have to move the mouse all over the screen to change an object's properties. You have lots of options with Quick Properties, from where it's displayed to how many lines are shown.
With "Display per Object Type", you can turn off Quick Properties for objects that don't have any specific ones defined -- they would only show color, layer, and linetype. You can control which objects have Quick Properties by right-clicking on the palette and selecting Customize, then picking which properties you want to display for each object.
"Location modes" puts the palette either next to the cursor ("cursor") or at a fixed point on the screen ("float").
Finally, "Size settings" controls whether the palette "unrolls" to show you more lines than the default number of rows, or whether it displays expanded every time.