The Reports view provides some commonly used and useful data views that you can use to see the health and setup of your overall environment. It provides views to see things such as recent alerts that have fired, the recent content that has drifted, changed configuration across all resources, etc.
The various report views should be self explanatory. For example, the "Recent Operations" report shows you all the operations that have been executed across all resources. "Platform utilization" provides a view of all platforms in inventory and their CPU, Memory and Swap utilization.