Yes! FG reached...

So I brewed my first batch about a week ago and I decided to check on fermentation status. I was shooting for about 1.01 (OG was 1.051) and I hit 1.011. I suppose that is pretty close. Tasted great also. Since its only been a week and I plan on leaving it for another 2 before bottling, I was just wondering what is happening in those 2 weeks? Is it purely to let the beer settle out and clarify? Thanks for any input!

Partly it's clarification, party it's that yeast will continue to metabolize some fermentation byproducts, even after active fermentation has stopped. The less healthy fermentation was, the long that could take. If your pitching rate and fermentation temperatures were more or less normal (you made a starter or used dry yeast, and kept it under ~68°F) then a few days is all that's needed. Extra time certainly can't hurt, but two weeks probably isn't necessary.

The beer is clearing, but it's also conditioning.

Any off flavors the yeast may have created during primary will now be cleaned up by the yeast. Also, it can be considered bulk aging. When you age a beer in larger quantities, it will age more quickly and age better (in my opinion) than it does in single bottles.

So maybe give it only another 5-7 days instead of the 2 weeks?

Personally, I would stick with the schedule you had laid out. Unless it's a wheat or an IPA (something that should be drank fresh), then I like to do 3-4 weeks in primary and then bottle or keg at that time.