As seen in 'portrait' mode. The on/off switch disables the grip buttons in case you suffer from a shaky pinky finger (all camera power is still controlled by the main on/off switch). We haven't found that we hit the grip buttons accidentally so we leave the grip switch on.
You get copies of the Aperture/Exposure Compensation Button, AE/FE Lock Button, and AF Point Selection Button which function normally in shooting and playback modes.