Click the checkbox or press P to toggle.
The [ ] Preview checkbox is used to select the source of the image that is displayed in the Preview Viewport. It is often useful for "blinking" the effects on and off, to help you visualize the look and feel they will add to your image.
If the [ ] Preview checkbox and the [ ] Effects Only checkbox are both checked, the Viewport will display only the effects that would be rendered given your current control settings. Your image will not be included - only the effects will be written back to your editor when you press the [ OK ] button.