The priority on my print out is set at 0.05.
What does this mean? What is it supposed to do?

(I am thinking that it would be a hierachial reference?)

From Google's "Sitemap Protocol" webpage
https://www.google.com/webmasters/tools/docs/en/protocol.html

"The priority of this URL relative to other URLs on your site. Valid values range from 0.0 to 1.0. This value has no effect on your pages compared to pages on other sites, and only lets the search engines know which of your pages you deem most important so they can order the crawl of your pages in the way you would most like.

The default priority of a page is 0.5.

Please note that the priority you assign to a page has no influence on the position of your URLs in a search engine's result pages. Search engines use this information when selecting between URLs on the same site, so you can use this tag to increase the likelihood that your more important pages are present in a search index.

Also, please note that assigning a high priority to all of the URLs on your site will not help you. Since the priority is relative, it is only used to select between URLs on your site; the priority of your pages will not be compared to the priority of pages on other sites."

My personal comments based on experience:
If your site has less than maybe 4,000-5,000 URLs, leave all pages at 0.5 (default). Google will index your entire site at once. If you have more URLs, it might be a good idea to set priorities on the pages. I often see small sites get indexed within a couple of days while very large sites takes weeks or months.

No problem.