Rox,
Sheer panels are the OSB, or plywood that's used at the corners of the walls. They provide what is called, sheer strength, to the walls. In the old days, they used to cut in diagnal boards at the corners to stop the walls for "racking." A wood frame wall with twist and turn on you unless you lock it into place. The sheer panel does this. In some parts of the country, you just do the corners, but in other areas, you do the entire house.
PEX is the new type of tubing that's being used in homes for the water lines. The red is for hot water and the blue is for cold water. You run the lines to a "manifold" and then branch out from there. In the pictures, you can see the manifold is a copper tube with multiple lines coming off of it. One line would have come from the water heater to it, and then all the other lines go to there respective valves.
The advantage is that it's all one line. Pipe is not flexible and a leak can occur at a joint. The more joints you have, the greater your odds are on a leak. Homes also move around more than most people realize. Having flexible water lines can just about cut out all possibility of a rupture.
If it works like it's predicted, it should become the standard in every home over the next decade. Copper is just too expansive and difficult to work with. PVC is easier and cheaper to work with, but isn't univerasally accepted. Lots of places won't let you use PVC for your water lines in a home.
The biggest drawback to PEX is the tool to connect the lines with. It's expensive. I've never done it myself, so I have no other first hand knowledge. My next home probably won't use it, but I'm still thinking about it. I still like PVC, but can see the advantages of PEX.
Eddie