Display suite enables you to define custom fields either in your module or via the UI. Fields in your module can have formatters, can be pure PHP code or can have tokens in them. UI fields can only have PHP code and/or tokens.

On the display settings screen, you can also alter the label per field per build mode which is ran through the t() function so you can easily translate those too.

Display suite also integrates perfectly with the custom formatters module. Besides adding new formatters on CCK fields, you can now also add those on fields defined by hook_ds_fields() or fields which are custom made.

Underneath you can see 4 fields printing this node title but all in a different way.