Under "Near me" you can find out what other members who are not (yet) part of your contacts are doing in your area: Pictures, status updates, dates and more. The selection of members you see is based on your search settings and your location.
When location sharing is enabled, the amounts under "Nearby" automatically adjust to your location when you travel. If you prefer not to share your location, you can of course also enter a location yourself for which you would like to receive results.