"Display Suite is a module that takes over the rendering of entities."
Swentel - 2011 - video series which demos "every single feature for Display Suite in Drupal 7"
Booklet / pocket guide from the series: http://jeffymahoney.com/drupal/display-suite-mini-booklet/Booklet-download_front.pdf
Booklet / pocket guide folding/cutting instructions: http://jeffymahoney.com/drupal/display-suite-mini-booklet/Booklet_download_instructions.pdf
Changes in Display Suite Version 2 video: https://drupalize.me/videos/changes-display-suite-version-2
Panels vs. Display Suite
In Jen Lampton's DrupalCon Sydney: Build better websites with Panels 2013 ( http://youtu.be/r_It-1Eg3ek ), at the end of the video, she answers questions about using this module. She says that she's been using panels for years and for every situation where Display Suite, Context, or Contemplate can be used, Panels can be used to do the same thing. So, she never installs those modules on her sites.
I really like building sites with Panels but using Panels can be troublesome if there are particular requirements for a site. Recently, a team I was a part of had to create a site that included an editorial workflow and revisions. We couldn't find a way to get panels based pages completely revisionable and moderated... same goes for Panelizer.
With that said, instead of using this module, give Panelizer and Entity View Modes a try.
There are people who use this module and panels together, but some, including Jen, would say this is a bad idea and/or not necessary.