When you insert a disk, the floppy disk information area will fill with information pertaining to the inserted disk.
Displayed are:
1. The volume name.
2. The date the volume was created (initialized).
3. Disk attributes (i.e. Locked).
4. How many files are on the disk.
5. The amount of bytes available.
Clicking on the disk icon will toggle the floppy disk info between drive one and two.
On the disk icon is the number of the drive currently being viewed. Below the disk icon will be another icon showing the drives physical location. This icon will only appear on Mac SE and later models.