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(Captions written by RaptorRed)
  Mask
The Predator's Mask provides a number of uses. Firstly, Predators have only a limited toleration to oxygen, oxygen being a highly corrosive gas. It is unknown what exactly the Predators breathe and the needed concentrations but the Mask provides them with breathable atmosphere.
Secondly the mask provides vision modes, information, and targeting uses. The inside of the eye area is in fact a "computer" screen, showing the Predator targeting reticles, the animal loop, and information about prey and weapons. Without the Mask, the Predator's vision returns to its red- backed, movement- based vision.
Thirdly the Mask serves as protection for the Predator's face. It will stop a Xenomorph's claws though it will not stop a Xenomorph's inner jaws.
Mesh Netting
The Mesh Netting that a Predator wears is thought to serve two purposes. Firstly the Netting carries a small electrical current which keeps the Predator's body temperature up in colder climates, Predators being from a very warm world. Predators enjoy temperatures that would easily burn Humans at the touch.
Secondly, the Netting may in fact be an integral part of the Predator's cloaking system, helping in the bending of light around the Predator's body.
Medicomp
Any hunter must carry a medical kit of some sort in case of emergencies. Most Predators carry a field Medicomp It contains an injector, cutter-tweezers and the like for minor to intermediate wounds and is usually stored on one of the side-leg armour panels of the Predator.
Surgical Medi-kit
The Surgical Medi-kit is for more serious wounds and not all Predators choose to carry one. This kit contains a light (to see what they are doing!), a number of compounds, injectors and other tools.
When some of the compounds are mixed with certain materials, they create a blue cauterizing gel that a Predator can use to stop the flow of blood from a bad wound.
The injectors carry stimulants and pain blockers. 
Cloaking
The Cloaking system, also called a Shift Suit, is used primarily when hunting Humans or other high level prey that can see and is worthy enough that the Predator would need the cloak. It does not affect Xenomorphs as they do not see, but use pheromones and echolocation.
It works by bending light around the Predator by an unknown technique though it is theorized that the Mesh the Predator wears assists in this in some way.
The Cloak is not perfect, and the outline of the Predator can be seen, especially when moving, but it does reduce the chances the Predator will be noticed.
Water seems to temporarily short-circuit the Cloaking system, exposing the cloaked Predator. Even a Predator standing in an inch of water will decloak.
Vision Modes
The Predator's mask endows the Predator with numerous Vision Modes which can be used for different situations, ambient settings and different prey.
Firstly comes the most common Heat Vision. As it sounds, it picks up heat. With a blue background, it shows heat in a range from lighter blue to green, to red, to yellow and the hottest being white. This Vision Mode is primarily used for hunting Humans though Predators also show up in it very well due to their much higher body temperatures.
The next Mode appears to be a different spectrum of heat. It appears with a black background, shades of blue for certain areas and reds for hotter objects. 
The next Vision Mode seems to be able to pick up on reflected energy such as light. It seems to show metal objects more clearly, as metallic objects reflect light more than other things. It has a lighter blue background than the Heat Vision and shows off metallic objects in an even lighter blue colour.
The next Mode is probably used to view radioactivity. It presents as a black background with shades of red, orange and yellow.
Another Vision Mode appears to show radiant light energy such as lights and flashlights. It presents with a grey-blue background and the light beams showing up in red.
The next is Electromagnetic Vision. At one time it was a dark blue background with electromagnetic objects showing up in green. It later changes to a red background with objects showing up in white. This EM Vision is the primary Vision for viewing Xenomorphs.
The final Vision Mode is called Pred Tech. As the name suggests, it picks up Predator Technology and shows it in intense white on a green background.
Gauntlet Holographic Map
Gauntlet Holographic Maps are used only in areas where Predators have been to and know well such as a Predator Temple. The Maps are not used often as Predator hunters are nomadic in where they hunt, switching from world to world as they need to.
Self Destruct
There is no honour in letting yourself be killed and taken as a trophy. That is why Predator Gauntlets contain a powerful self-destruct module capable of creating a blast that would level several city blocks. When activated, the device counts down, which usually lasts between 10 and 30 seconds.
Some gauntlets contain a detachable self-destruct.
Animal Loop Device/ Vocal Mimicry
The Animal Loop Device is a device that only most advanced Predators have, though on occasion, a young unblooded Yautja on his first hunt will be lucky enough to get used armour containing one.
This Device is a combination of audio recorder,  analyzer and playback. It may even be part translator as Predators in the past have been seen using the Loop to record comments made by Humans, and then later replaying the clip or mimicking the words in an appropriate situation, with the proper meaning.
When activated, the Mask displays the audio analyzer on the left side of the Mask's display.
Targeting Laser
The Targeting Laser is the Plasma Caster's means of locking on to a target. Three laser dots emit from the right side of the Predator's Mask, lock on to a target. The Mask forms a triangle between these three dots in the display.