Related Items" relate pages within and outside of this WebGUI installation. You can create different types of relations and pages that relate to each other in the same way are "aware" of it via the "Relation Type" settings. These similar relationships between Wobjects can be automatically enumerated by turning on "Reverse Relations" for any "Related Items" Wobject.
Practical Examples:
Translations: Pages can be "translations" of each other,
Complementary: Pages can be "complementary" to each other. If you're reading about "cars" you might want to read about "car repair" as well,
Contradictory: Pages can contradict each other- point/counterpoint style. If you're reading a page about Evolution, you can link to Creationist pages.