The two images displayed in Dual view are the current frames on Playheads A and B. Dual view is useful for matching two shots or for copying colour correction parameters from one shot to another. You can view images side by side, or use a wipe. With a wipe (i.e., horizontal or vertical), you see a portion of each image. You can control the position of the wipe bar by adjusting the Value slider.
In a stereoscopic project, you can view the image of the Left Eye in one viewer and the image at the same frame of the Right Eye in the other. See Viewing Stereoscopic Footage in Dual View.