When teaching about factor analysis or cluster analysis, it is useful to graphically display the structure of correlation matrices. This is a simple graphical display using the image function. The difference of mat.plot with a regular image plot is that the primary diagonal goes from the top left to the lower right.
The zlim parameter defaults to 0 to 1. This means that negative correlations are treated as zero. This is advantageous when showing general factor structures, because it makes the 0 white.
The default shows a legend for the color coding on the right hand side of the figure.
Inspired, in part, by a paper by S. Dray (2008) on the number of components problem.