Like the title says, this is a list of all your projects. When you switch to a new project the app loads up all the previous settings for that project including gain control postion, pan control position, mute, selected record track, crop and trim settings, ..., pretty much everything.
The orange colored block indicates the currently selected project. Touch one of the yellow blocks to select it. Don't fret - the settings are automatically saved when you switch away from a project.
Tap on the name to change it. A keyboard will slooowly pop up. Be patient.
A couple of buttons at the bottom of the list allow you to preview a session without switching back to the main view. Oddly enough you can even record directly from the project list.