The ABB Flex has many different widget areas to give you a maximum of flexibility to display different sidebar content for the homepage, the posts, the pages and the categories. You also could use those widget areas to display any type of advertising.
The footer section, where the widgets are showing up on this site, can be turned off. If you choose not to display that footer section only the smaller footer (the black one) will be displayed.
Custom Sidebars are also built into the theme. You have a sidebar which only shows up on the homepage and one which only shows up on pages and three (one big and two small) which only show up on blog posts. But you also have the ability to display the blog sidebars together with the one on the homepage or the one on the pages.