I'll warn you now though, the quick release lever is apt to break if you torque it down too hard. It's really kinda junky. I tighten the lever down just enough so it doesn't rattle around and unscrew itself. To really hold down the lock and prevent it from rattling about, I use mini bungee cords (20 for $3 from walmart, really handy little things too!)
Anymore questions, let me know.
The rack comes with a rear red reflector, a rear light mount thinger (visible in pics), and a rear mount thing with holes spread far apart (maybe to mount a xenon strobe?). The rear light mount you see in the pics is a piece of plastic screwed to the QR lever with a slot to clip a light onto. Good, highly visible position for a light.