It is supposed to show all your items in JSON FORMAT. That is the raw data the cloud connector fetches your items in before sending it onto the cloud server.
Example of my stripped down output is below. I seem to have a unique issue where I can only get 5 tagged items to sync, any more tags and it fails:
[{"link":"http://openhabianpi:8080/rest/items/BabyMonitor","state":"NULL","editable":false,"type":"Switch","name":"BabyMonitor","label":"Baby monitor","tags":["Switchable"],"groupNames":[]},{"link":"http://openhabianpi:8080/rest/items/FeedingLights","state":"NULL","editable":false,"type":"Switch","name":"FeedingLights","label":"Feeding lights","tags":["Switchable"],"groupNames":[]},{"link":"http://openhabianpi:8080/rest/items/ChangingLights","state":"NULL","editable":false,"type":"Switch","name":"ChangingLights","label":"Changed lights","tags":["Switchable"],"groupNames":[]},{"link":"http://openhabianpi:8080/rest/items/SleepingLights","state":"NULL","editable":false,"type":"Switch","name":"SleepingLights","label":"Sleeping lights","tags":["Switchable"],"groupNames":[]},{"link":"http://openhabianpi:8080/rest/items/TVDimming","state":"NULL","editable":false,"type":"Switch","name":"TVDimming","label":"TV dimming","tags":["Switchable"],"groupNames":[]}]
Edit: Since it has no carriage/line returns it shows as a single line here but in a browser if you zoom in and out you can get it to display 1 item per line. Hold CTRL button down and use your mouses scroll wheel.