It works on directly selected face on a 3D view.
It is different from other similar commands on Menu and directly works not on selected face but on clicked one.
You can choose [Single face] or [Joined faces] for selection method.
It deletes the selected face.
It inverts the selected face.
It attaches material to the selected face.
A material assigned to a face can become a current material by clicking the face with Shift key.