The Rights Manager library defines all the ways you can customize a Configurable Rights Pool. In general, granting more rights to a Smart Pool requires users to place greater trust in the smart pool creator.
The library is designed to be easily extensible (e.g., the method signatures don't change as more rights are added). Let's take a look at the current set of rights, and how they might be applied to real use cases.
Pause Swapping: allows the controller to halt trading (swaps) on the underlying core pool. Like finalized core pools, Configurable Rights Pools are created with trading enabled. With pause swapping, the controller (or logic in the smart contract) can toggle trading on and off. For instance, the controller might want to "short-circuit" the contract in certain pathological cases, such as market crashes.
Change Swap Fee: allows the controller to change the Swap Fee after contract deployment, within the bounds set by the underlying core pool (e.g., it cannot be zero, or greater than 10%). With this right, it would be possible to implement fee optimization strategies (e.g., maximize return, or minimize impermanent loss).
Change Weights: the controller can call updateWeight (to directly update a single token's weight), or updateWeightsGradually (to linearly transform a set of weights over time). This enables liquidity bootstrapping, UMA-style perpetual synthetics, and many other strategies. Note that altering weights will change balances - which means transferring tokens - in order to leave prices unchanged. When updating weights gradually, the protocol enforces a minimum time between updates, and a minimum total time for the update. These parameters are set at create time, and are immutable thereafter.
Add/Remove Tokens: allows the controller to change the composition of the pool. Needless to say, this requires a lot of trust in the smart pool owner, but enables powerful strategies, especially in combination with other rights. For example, a perpetual "rolling" synthetic. Adding a token is a two-step process meant to mitigate this risk and lower the trust required. The protocol emits an event when a token is "committed" (about to be added), and enforces a minimum wait time before the controller can "apply" (actually add) the token.
Whitelist LPs: when this right is enabled, no one can add liquidity (including the controller, beyond initial creation of the pool), unless they are added to a whitelist by the creator. This enables things private investment clubs, exclusive token launches, etc.
Change Cap: Inspired by PieDAO's capped pools, Configurable Rights Pools have a "cap" on the total supply of pool tokens that can be issued. This can be used for experimental/risky pools, to limit potential losses, or to halt further provision of liquidity at any time. When this right is not enabled, there is no cap. When it is enabled, the cap is set to the initial supply on creation - and can be changed later by the controller.