Various personalised stats show. Each dot around the circle is a day of the month with the current day highlighted. In the centre it will show things like number of minutes, sms sent/received, photos taken, tracks played, miles walked etc. The balloons around the edge are larger on days when you do more. So you get a personal visual representation of how you use your phone.
Disclaimer (because it seems to upset people here), I work for Canonical ;)
I understood it as the phone is currently on a call that has been in progress for 33 minutes, but it seems as though I might have been the only one to draw that conclusion.
I've always seen 'talk time' as how many minutes you can actively be in a phone call before the battery dies. If that is the case this phone is pretty unimpressive.
I suppose you tell it how many minutes you plan contains and it subtracts used time accordingly.
The phone self-destructs after 33 minutes to safeguard against the FBI. ;)