Each of the dots represents a person in the FamilySearch.org Family Tree. This is a chart showing me as the starting person at the bottom of the chart. If you click on or hover over a node (dot) the program reveals the name of the person. Like this:
Now, all the names appear. Here is a zoomed in version of the same image:
By typing Control - i again, you can see the following:
Another entry of Control - i brings up the following;
So, with the new version, you can toggle between dots, names, dates and places. Typing Control -i again takes you back to dots. This only seems to work in the Premium Version for a $39.95 annual fee.
Of course, this also works on the Descendancy View. Here is the regular Descendancy View
Here is what the view looks like with one iteration of the view with the Control - i clicked: