If you have the Queue button enabled (pushed down) then all transfers are added to the transfer queue (bottom pane) and processed there. If it's not enabled the transfers are directly processed. The recommendation is to use the Transfer Queue for all your transfers.
>Also, how do the View, Open, and Edit functions differ?
View: Downloads the file and opens it in the default viewer configured in the Settings->General dialog.
Open: Downloads the file and opens it with the default shell file association. Same as double click in Windows Explorer.
Edit: Downloads the file. Shows Remote Edit dialog. Opens the file in the editor configured in the Settings -> Remote Edit dialog.