This feature allows you to query the job history database (by status,state,time) and to access all information about one job (over 80 fields).
If you want to check why something (not) worked as expected then this feature is the place to start looking for. I just simply love it 🙂
The difference between this option and the Logs feature (which consists on a set of plain-text files) is that this one aggregates all the log information in a user-friendly web interface that just simplifies everything!
Note that this feature makes also possible the existence of Reports.