This is the in-game menu and pause screen of the game. It will fully pause the game, including projectiles for a proper pause, instead of changing scene. Though it makes for a less flashy menu that blinks a bit more than I would like to. 

Though I might have overcomplicated it a bit, you can see what Power Jack you have plugged in each Power Socket (basically the magic powers and slots) you have equipped to either up and down. You can either fast equip any unlock jack or examine them one by one and assign them to each socket. 4, 5 and 6 are placeholders but fully work, like everything else. The small squares are passive Jacks, that will give you perpetual power ups that aren't related to "casting them".

 We have 2 single use items now, which you can assign to select. It will charge al your Metal Meter. 

We can the collectables we have found in that level. It will not only show the quantity, but the placement of the collector (if you get the second one on the level, it will fill the second slot) so you have some hints of were is what you've missed. 

Key items will show if you have the key item of the current level (if any) and will also give you a little story description of the next objective.