The Page Settings link functions almost exactly like the Pages icon in the Community Portlet. The following are the only differences:
The Page Settings link does not have a Public and Private tab. When you click on the Page Settings link, you only have access to manage the pages for the current community you're in. For example, if you're in the public "Support" community, you only have access to manage the public pages in the "Support" community, and if you're in the private "Support" community, you only have access to manage the private pages in the "Support" community.
If you click on the Import / Export tab in the Page Settings link, you only have the option to export and not import. This is because if you were given the option to import, you would overwrite all of the communities pages including the current page that you're on.
When you click on the Page Settings link, the current page is automatically selected in the left-hand tree structure