While there are icons in the top right (like WoW) showing with temporary status effects with countdowns of duration and mouseover descriptions, this tab has a full list of passive abilities and effects on the player with more detailed description (flavor, gained from (source/player/faction/w/e)
This list can be searched and sorted by name or remaining duration.
You can voluntarily terminate some self-granted effects or harmless statuses.
If you have a pre-requisite skill or item, next to the listing there is an option to remove harmful statuses.