First off, that is not the "console view." You are in the Track View, and the area you have highlighted is called the Track Inspector. The console view would show that view for *all* your tracks, not just the one currently selected. You can launch the console view by clicking the icon in the top row that looks like 3 faders. You can work in either view, and essentially accomplish the same things. It's all a matter of which way you prefer to work.
AFAIK, Sonar applies the effects in the order they are stacked, top to bottom.
The are two types of busses that you can use, a send or an summing bus (not sure if there is another name for this). A send bus is usually used for spatial effects like reverb or delay. In essence a *portion* of the track is sent to the send bus, while another portion of the track is sent to whatever output has been selected for that track. If you put an effect, like reverb, on the bus, then part of the track's signal will be effected by the reverb, while the remainder would be dry. By adjusting the ratio of the two (using the send control on the track), you control the amount of reverb heard (i.e., how wet or dry the track will sound).
A summing bus is just what it sounds like - it sums mutiple tracks together. For example, you might have multiple drums tracks (kick, snare, toms, hat, etc.). You could route all of them to a single bus - called, say, drums (clever, huh

). You would do this by creating the bus, and then assigning the individual track output's to that bus. The reason for doing this is that you now have a single control over the entire kit. It you need to raise or lower the volume of the entire kit, you don't have to adjust the individual volumes of 8 different tracks, but simply the volume on the bus.
Another reason for a summing bus is to conserve resources when you want to apply the same effect to multiple tracks. Instead of inserting an effect on each individual track, you route them to a summing bus and place the effect on the bus. All the tracks are then treated by the effect. The disadvantage to this is that you have no individual control over how much each track is effected. However, in many cases, that may not matter, and using only one instance of the effect is much less of a resource hog than mutilple instances of the same effect.
That's the basics. Play around with it and you'll get the hang.