Much like using Context to enhance the core block system, the Bean module takes blocks to a whole new level. The Bean module makes blocks act more like content types. It allows for different block types and for adding fields to blocks. We are also able to manage the display of a block, which comes in handy with Context. We can have a block look different based on the Context of the block.
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This video covers a topic in Drupal 7 which may or may not be the version you're using. We're keeping this tutorial online as a courtesy to users of Drupal 7, but we consider it archived.