In Logic, what does the Arrange tool do that looks like a ‘<' in a box?

This tool is the crossfade-tool and is not described in the manual with all the other tools. Use it to graphically perform audio region crossfades and fades. Select the tool and click-drag across the boundary of two audio regions: you’ll see a crossfade being created.

Many people do the fades numerically in the audio region’s Sequence Parameter Box. However, there is something that can be done graphically that cannot be done numerically: you can have off-centred crossfades. When you do the fade numerically, the crossfade is always perfectly centred around the beginning of the 2nd region. But graphically, you can position the fade anywhere, as determined by the position where you start and stop dragging.

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