The small arrow in the top right of the tool presets palette, which is highlighted in the screenshot, gives you some options for changing the palette view and your presets. Click to arrow to reveal options to rename presets, view different list styles, and even save and load sets of presets. Often, you would not want to display all of your presets all of the time, so you could use the save and load options to create preset groups for specific projects or styles. You will see there are already some default groups in Photoshop.
Using tool presets consistently can save you a great deal of time, avoiding the need to enter detailed variables for each use of a tool, especially when you are repeating tasks and styles.
