It's kinda fun to use it without short-cut keys..

A- On/Off (self-explanatory)
B- Is like a directional gyro adjust. To be synched with the compass (in level flight just like the regular DG)(It will adjust itself if you hit "D" when you adjust the regular DG)
C- Is like the heading bug. You adjust it to the heading you want to fly (and then it turns to line up with the DG you adjust with knob B)
D- Is kinda like a vertical speed setting. You line up a target for the attitude indicator (built into the auto-pilot) to chase. I'm pretty sure that in FS, it's really just a vertical speed adjustment in disguise)
The other knob (bottom right) is like a "cage" for the artificial horizon. I've never found a use for it.
Anyway.. once you turn the AP on it will turn to line up the "heading bug" and will pitch for a vertical speed. Instead of selecting an altitude.. you just adjust for a vertical speed of zero, once you reach desired altitude.