You can switch between modes by clicking on the buttons at bottom right of the CATALYST window.

Or in the VIEW ribbon:

String Mode

 

This displays only strings in an organised list. By default the strings will be sorted by status, however this may be changed by selecting a different view from the PowerTranslate toolbar.

Visual View Mode

 

A visual representation of a project item will be displayed in the workspace pane. There are several Visual View editors include dialogs, images, menus, XML and HTML derivatives.

Split Horizontal/vertical Modes

This is a hybrid of the previous two modes. It will display both the text and the visual representation of an object in the workspace pane.