Available with 3D Analyst license.
When the selected item in the ArcCatalog Catalog tree contains geographic data, you can preview that data without having to create a new map or 3D view. For a planimetric view of your data, choose Geography from the Preview drop-down list on the Preview tab.
After you've enabled the ArcGIS 3D Analyst extension in ArcCatalog, you can use the 3D View tools to navigate around your data in 3D. Some of these tools are like tools that you use in ArcMap and ArcCatalog to pan and zoom in 2D.
Learn more about using the Preview tab to explore an item's geographic data
Triangulated irregular networks (TINs), terrain datasets, LAS datasets and feature classes with z-values embedded in their geometry—for example, PointZ, PolyLineZ, PolygonZ, and Multipatch shapes—will be automatically rendered in 3D when you choose Globe View or 3D View on the Preview tab. Rasters and 2D feature classes will be rendered as though they rest on a flat surface. You can create layers that specify 3D rendering properties for all types of data, and the layers will be rendered in 3D.
The Navigate tool 
combines the functions of several other tools. Clicking the left, right, and center mouse buttons and dragging up, down, left, or right allows you to rotate the 3D view, zoom in and out, and pan across the view.