I am an Excel 2003 user who is beginning to use Excel 2007. In the "2007"
version, what is the purpose of the "Pick from drop down list..." option
(displayed when right clicking a cell). When I select this option, no other
dialog box is displayed, but a small blank window appears next to the cell.

I am able to set up a list using Data Validation in the top menu, but am
curious about this new feature in 2007. I suspect that this feature allows
for quickly setting up a drop down list, but I need some help to start using
it.