What are these icons on the bottom? Is the blue squares with the yellow X, the archive icon?
To me, it seems to be different ways of sharing the information. One is email, MMS or SMS. The blue squares, I have no idea. But if I can make a WAG I'd say if you were connected to Windows Live Calender or Google Calender it may be a way to share updated information? Just a guess.
If it is like the Storm, that is the "cancel selection" button. Since you have multiple things selected, you can hit that to cancel that selection. Though you can also hit escape (which seems more natural to me), so I don't know why there is a button for that