There is a free text field under the font selection box in Xcode 5. It seems to belong to the Notes category.
So: What is the purpose of Notes and the empty box under No Font
shown in the image below?

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For one possible use (not suggesting that they are specifically designed for this though) [see this answer](http://stackoverflow.com/questions/11207088/how-to-add-copyright-information-to-a-nib-file/11208398#11208398) – Alladinian Oct 15 '13 at 10:39
7 Answers
I have tried to use notes for one of my component i.e a button for me and added some notes for it as in the image 1.
Here is the xml file for the button in XIB ,where you can see it is a comment used for user reference.

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Great thinking. Did not occur to me to check the xml. Thanks! – Pétur Ingi Egilsson Oct 17 '13 at 18:13
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1@Pétur select the XIB file and click on version control,it will show you the XML file of your XIB file. – Arun_ Oct 18 '13 at 14:17
you can identify description for your widget using this field which I understand, it's documentation purpose so any one can understand your widgets by looking your xib.

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Finally it does something in Xcode 7!
In Xcode 7, Document Notes get exported to the Storyboard.strings file, and thus to XLIFF localization files.

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I've found documentation for this in the [Xcode 7 release notes](https://developer.apple.com/library/mac/releasenotes/DeveloperTools/RN-Xcode/Chapters/xc7_release_notes.html): "Notes from the Interface Builder identity inspector are now included in `--export-strings-file` output and XLIFF files exported using the Export For Localization feature in the project editor. (18023555)" – Ashley Feb 04 '16 at 21:41
The whole "Document" box is just there to help organise your objects in the Storyboard. You can give it a label, so you can easily identify it in the "Scene" list among others.
The Notes, unspectacularly, look like they are just your "notes" about the object, a helper textbox where you can write information that can help you (or someone looking at your project) better understanding what the interface element is for.
Think about it as a "//" comment, but just for visual elements on the Storyboard.

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That can't be the whole story. If it's just a comment that you can only see in the sidebar there is no reason for it to have font, color and alignment options. This one textField is basically a complete rich text editor. – Matthias Bauch Oct 11 '13 at 09:26
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There is incredibly little information about it, at least that I have been able to find. My reasoning is that if it was used for something more than that, then it would be described in some detail somewhere. In my opinion this explanation it's consistent with the purpose of the panel. Note that the color and alignment apply directly to the textbox. – vinaut Oct 11 '13 at 09:29
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Might be that everything underneath the Label (which is the only thing in this part of the panel that is displayed outside of the sidebar) is just part of a UI annotation feature which was never implemented. Which is really sad because I would use that constantly. – Matthias Bauch Oct 11 '13 at 09:34
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Yes it might as well be some sort of feature not fully implemented. As you say, the complex textbox features look like it should be something more. – vinaut Oct 11 '13 at 09:34
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It's so unfortunate that it's not displayed anywhere but in that ugly small field, and not on Quick Help screen or anywhere visible. – pronebird May 03 '14 at 19:14
The short answer for notes:- It is a textfield inside identity inspector which allow you to add note for UIElements. It has nothing to do much with your object. For example, lets say you have created some 5 textfield and among this one textfield contains numberformatter. Lets say drag and drop textfield and then put numberformatter over textfield. In IB it is not possible to see that numberformatter over textfield. So such kind of scenarios to identify in which object changes are there. Notes textfield will be useful, So for better recognizing we can use notes to identify change on that particular object.

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They are for notes. Possibly for localization notes to add description to the thing. Possibly for the same kind of thing you do with code comments.

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I just sharing with i think about it and Can edit and modify the answer so what i think the Purpose will be like if you want to hold the information about the View Objects
and you don't want to add a new object
in your xib
for only to hold this information, you could just add your copyright
notice into the File's Owner
-> Document
-> notes
field. Also can be used for the Documentation
purpose. And this information also will be included in the xml.
And As i also learn form this SO Questions It's saving an attributed string with a key of userComments to the storyboard file.