What does the "Bonus Chest" option in the New World options do?
Basically, it's a "starter kit", per se, for players in Minecraft.
From the Minecraft wiki:
A bonus chest will generate near the player's spawn if the Bonus Chest option is enabled in the World Options menu. These chests only generate once per world. This is suggested for new players who are unfamiliar with the game's mechanics. Bonus chests contain:
- Wooden or stone pickaxes
- Wooden or stone axes
- Logs
- Wooden planks
- Sticks
- Bread
- Apples
Four torches will spawn around the chest.