Keyboard shortcuts and trackpad gestures are fine, but they’re not as good as dedicated knobs and dials for just getting out of the way and letting your concentrate on the job instead of the interface. But knobs and dials are annoyingly fixed, whereas an on-screen control panel can be changed to fit the function.
Can you see where we’re going here? The Palette does both. It’s a modular, Lego-like set of buttons, knobs, dials and sliders which can be configured in hardware and software to do whatever you want them to.