Quick Menu

VR: Left controller menu button
From here, you can quickly switch to flight mode, go to your Home World, and generally reach many functions quickly.
Emotes and Action States

Action States are something like profiles for hand gestures. So you can have different actions on the same gesture when you change the state.
Both are set by the Avatar Creator beforehand.
Advanced Avatars

Please note that profiles can currently only be edited in the large menu.