on the right is your status panel. this shows information about you. it also shows any messages you've received. when the people you follow do things like release a work or update their profile, you'll get a message about it. this is also where you log out of the site.
you can also update what music you're listening to, what you're reading and what's currently on your mind by clicking on the edit control. your statuses will be shown whenever another user views your profile.