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The 'description' provides an explanation about the purpose of the instance described by this schema.
The property is optional and does not affect the validation, it exists to a human readable explanation of the schema.
The property is represented in line within the diagram, properties with the icon
.

The properties are also shown in the property grid when the containing schema is selected.

The constraint values are also shown on the tooltips (select and hover over an item in the diagram).
Its value can be edited in the following ways
It can be deleted by selecting it and pressing delete, or right clicking it an pressing delete.
The Description field can also be edited via the Documentation window when a documentable object is selected in the diagram.