Hey guys just noticed this thread and thought i could help out. If it is the blue ring with a small knobbly bit on it to grab this is the Lens Distance Scale. Usually one side is marked in m the other in feet. The idea is to focus the camera normally (placement and bellows) then using the camera to subject distance scale (on the side of the bellows) find out the distance from camera to subject. Using this number (say 3m for instance) rotate the blue ring (lens Distance Scale) so that the number (in this instance 3m) sits central to the depth of field indicator (the bit where the numbers are small in the middle then get larger but are the same on both sides). Once this is done using the selected Fstop you can now see what your depth of field will be. For instance if you used a 110mm lens at F32 and the distance camera to subject was 3m everything form approximately 2m to 10 m would be in focus (this is read from the depth of field indicator using both F32s and looking straight down at the blue ring which then gives you a range). It is purely for working things out so you can be exact about DOF. It has nothing to do with the light passing through the lens or the way it works. It can be handy, but not very often, unless you want to be extremely anal about things. I admit I have used it before , good for portraits where you can really fine tune things (especially if you have messy backgrounds you don't want or vice versa).
Hope this helps and answers the problem!! Didnt realise how long winded this is!
If you need any other examples give me a shout!!