Filters: Google allows you to set-up custom ad filters for your website (note that this is in addition to the screening of ad content that Google does by default). By setting up filters you can block competitive Ads and other Ads that you dont want to display on your website. In fact, filters are a must if your website sells a product or a service (unless you want to promote your competitors through your website).
Alternate Ads: This is something that can help you in preventing underutilization of the ad space on your website. Alternate Ads are the Ads that you would want to show up on your website in case sufficient content-relevant Ads are not available. If you dont specify alternate Ads and if there are insufficient content-related Ads available, Google AdSense program will serve charitable Ads to your website (Ads which dont earn revenue for you).
Reporting and performance tracking: You can even customize the reporting and performance tracking options for your AdSense account. One important tool in this regard is the use of channels to study the performance of AdSense Ads from various perspectives. However, you might decide to take this up later down the line (maybe 1 month after setting up your AdSense account.