Clicking on the dropdown box next to a content page shows:
However, the Preview option is either named bad, or has non-existent functionality.
To properly "preview" a page, there needs to be the ability to make edits to a page, save it, and publish it at a later date, so you can "preview" the page before it is published. However, you really aren't previewing anything here, as that link just shows you the page as it is already published on the frontend site.
I believe there should either be full preview functionality added (ability to make edits, "preview" changes (before they are made viewable to the public), and then be able to publish the desired updates. It's possible this could be done on the content edit page without revision tracking, however if this is the case, the "preview" option should be removed from the content grid view, because it's not appropriate here.
I don't think the option to view the page on the frontend website is bad, but if this is kept in, it should be renamed "View", and also open in a new window so it doesn't kick you out of the admin.