The Inspektor window is giving you an overview of the settings of all the pins of a selected node. It can be opened via CTRL+I (use SHIFT+CTRL+I to create multiple instances) and will adapt to the selected node.
If you want to permanently edit a specific node with a specific inspektor instance, you can attach an inspektor to the current selection by pressing its Attach to Selection button.
You can select and edit multiple nodes at once, but you will only be allowed to edit the pins which all nodes have in common.

There are three sections:
Configuration Pins (like the Descriptive Name in the picture above) are only configurable via the inspektor. You can change values of Configuration and Input Pins as you can change values on Pins directly in the patch via doubleclick, rightclick and right-drag (depending on their datatype). Input Pins that are connected in the patch can of course not be edited.
The Inspektor is no special window at all. An inspektor is just a node with a corresponding window. Therefore invoking an inspector always creates an Inspektor (VVVV) in the root.
The colomn of gray quads on the very left of the window lets you change a pins visibility.
Also see Tutorial Inspektor and even a Video Tutorial.
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