In short
Nearby Observation Stations lists every live weather station within range of a location, so you can see what wind and temperature are actually doing at the beach, hill or island next door, not just at your one primary spot.
Wind along the coast is very local. A headland, a hill, or even a line of buildings can add or strip away several knots compared with a station only a few kilometres away. A single number for "your" location is a useful starting point, but a spread of nearby readings shows the real pattern moving through, which is far more useful when you're deciding whether it's worth the drive.
What's on the table
Live temperature and apparent temperature, rain since 9am, wind speed and gust with a direction arrow, humidity, pressure, and, where the station has the right sensors, delta-T and dew point. Delta-T is handy for judging fire-weather style dryness and thermal potential; a blank column simply means that particular station isn't fitted with that sensor.
The compass alongside
The small panel next to the table shows your reference location's own live wind as a compass rose, drawing on the same feed as the table so the two stay in sync as new readings come in.
Related reading
See Where are the wind readings for XYZ taken from? and Why are the wind readings wrong?