On top it shows the services (this feature is not working with Mac OS X 10.6). Blue means service enabled, red active. You can click a service name to get to the respective System Preference. On the bottom is a list of IP addresses of the machine. Click on one to copy it to the pasteboard.
Expand the Widget - by clicking on it - to see the network connections, ordered by application.
Click an IP address to copy it to the pasteboard. Right (ctrl) click to start a whois query. You will get more information about this IP address. Click again to get back to the IP address. Like this you can easily get the IP address of your chat buddy.