The % display is very significant and important in creative control. I use it all the time, and its important when shooting where you are using flash, but also where you want some available lighting to be used in the exposure. Lotto and lhoney2 touched on it briefly.
The shutter speed is significant even with flash. Once you have all your lighting down pat in your next studio shoot, adjust the shutter speed to 2 seconds, and watch what happens to your image. The modeling lights will also be recorded and vary your exposure significantly, and probably overexpose your whole image. It can also change your color temperature and give you odd color shifts.
Where this really comes into creative play, in one example, is shooting in the city at night. You set your flash at say f5.6 (or whatever) to get the exposure you want on the subject by the flash. Then also set your shutter speed at your cameras sync speed, lets say 1/250. The image will show a mostly black background, while your subject is exposed properly by your flash. Many people stop here, getting a properly exposed subject, but a lackluster background.
To add more creativity to your image, instead adjust the shutter speed to a slower value to let in more amibient light which exposes the background more. Keep adjusting this slower and slower until you get the look you want, or you start to see image blur. At some point you will have the foreground flash adjusted properly with the f-stop, and the background ambient light adjusted properly with the shutter speed. The results are sooooo much better with this balanced lighting, than with a very dark background void of any details.
The % display tells you how much of the exposure is based on the flash. If its 100%, then all the exposure is coming from the flash, and anything not hit directly by the flash will be black. If its at 50% for example, you are getting half of your exposure from the flash, and the other half from some sort of available light.
Here is a good example to help illustrate this;
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Much of this exposure is coming from the available light. The % display on the L-358 would probably read around 75-80% or so. If it read 100%, such as if I used the cameras sync speed, that would mean all my lighting was coming from the flash and none from the available lighting. That means the train in the background, the ground, ceiling, etc would all be black except the white strips from the lights themselves which would have just enough light to partially register in the image. If I shot that at the cameras sync speed, thats what I would have gotten. But instead, I adjusted the shutter speed to somewhere around 1/30th or so (guessing off the top of my head) to allow the background lighting to be registered along with the flash. Thus, the train, the ground, ceiling, etc, all now registered on the sensor.
The best way to see this is to take an on-camera flash out at night in a somewhat well lit area. Something that gives you an exposure of around 1/15th at f8 without the flash. Then add your flash, set your shutter to your cameras synch speed, and adjust that to get a good exposure on a person standing about 10' away. Then take a series of images at 1/200, 1/125, 1/60, 1/30, 1/15, 1/8, and so one. In each one, you'll see the person hit with the flash stays constant, but the background gets lighter and lighter. The slower the shutter speed, the lighter the background. The higher the shutter speed, the darker the background.
Here is one more example.
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The strobe is the light hitting him from the right side. If I used the cameras shutter sync, the background would be very dark, if not black. But since I used a very slow shutter speed, the background was exposed properly to balance the two lighting sources and add more impact to the image.