(1) The area designated by the RED border (above) will display all the effects/adjustments that have been assigned to the Smart Object layer. The white square with the words 'Smart Filters' next to it indicates that filters from the Filter Gallery have been applied and when clicked will take you back into the Filter Gallery to edit of any of those filters, or to apply another one.
(2) These small double rings also indicate that filter effects have been applied to this layer and will be seen if the Smart Filter area has been minimised. It will appear next to the Fx symbol if you also have a style effect on that layer. The little arrow to the right is used to either hide (minimise) or show the Smart Filters area (within the red border above).
(3) The eye symbol is used in the same way as for a normal layer, clicking it to either hide or show the various effects you have used on that layer. Double clicking on the actual text will open the effect for editing.
Editing a Smart Object.
There are two types of Smart Objects that can be created in PS CC, a Linked Smart Object Layer or a NON-Linked one. The differences are explained below.
Linked Smart Object Layers
A powerful feature of Smart Objects is the ability to selectively edit a number of items by only editing one of them. Think of those clusters you create, you bring a flower in and duplicate it a few times and position them on your page. As you progress you realise that the flower would have looked better in a different colour or with a different drop shadow OR even a different flower! By converting the first flower layer into a Smart Object and then duplicating that layer you are able to edit them all at the same time or change the flower for another item completely, simply by editing just one of the flower layers. Pretty awesome I think!
In Photoshop CC Smart Objects are linked by default so when you edit any one of those layers, the other layers will be changed accordingly.
Editing a Linked Smart Object Layer:
1. Create a Smart Object layer and duplicate it (how many times you like). I have duplicated a flower four times, moved the flowers into a different position and then resized some of them, just as I would if I was creating a layout.