Sweet.
I'd recommend tightening down those shocks on the adjustment (making the compression higher), so that you have a smoother ride on pavement. If you do offroading, you'll want to loosen them up a bit. But also tighten them up to the point that you feel them give a little if you were to give a quick push down on your handlebars.
The only reason for putting more compression on those things is to make your front fork more stiff. It'll be an easier ride on smooth ground. If it's too loose, you'll rock back and forth a bit as you pedal. Bikes with rear suspension are very hard to ride for that reason... until you get used to it of course!
And the hardtail on that is good for keeping your back tire on the ground, where you have both accelerating power and braking power.
And your frame is setup for upgrades should you decide to swap out cassettes and derailuers for getting different gearing options, or if you decide you want disc brakes instead of calipers.
