Depends on your role. I (ea for quite a big company) use the time to discuss strategy and roadblocks. Additionally I address personal development if required. For myself I want to also check if I am doing the right things (by now I do know I do things right) and ensure my manager does delegate tasks that can be moved down. If your on a junior level it should be mostly about you: what can you start doing, how can you develop. Mid career it is a mix of checking the value you bring and if you can learn and develop more. Another thing to bring as checkpoint is stress and workload: your manager is the only person that can help you if needed, raise the topic early. Overload kills you and makes you deliver poor work, hence no benefit for employee nor employer. Oh, and look at Daniel pink - drive, might be beneficial.