Display Posts shortcode is a shortcode used to change little details about the posts and how a person wants to display those posts. There are many many many different kinds of shortcodes under this catagory that can be used for both the updated and un-updated version of wordpress(of course there are more options for updated version of word press than the un-updated version).
Here’s a list of most of the arguments(changes) a person can make:
(Because I can’t find out how to post the examples without applying them I’ve created a word document with the examples instead.)
For more information see:http://en.support.wordpress.com/display-posts-shortcode/