If you're trying some features right in the docs and this features require access token, it's requesting access to your token; if you approve, it appears as application. E.g., if you click "Get Token" button on the https://api.stackexchange.com/docs/notifications, you'll get:

I have read the What are the guidelines for reviewing? and Reviewing low quality posts: when to delete and I understand when each action should be taken. Yet those do not address moderator only actions that can be taken from within the review queue. There are lots of cases when reviewing the low...