I've heard both sides to this question... but am hoping for something better than... "it looks like it."

Is the hole on the right side to the back of the case meant to be a lanyard hole or does it have some other use?

It certainly looks like it "could" be used, but then if that is not it's intent, it probably will break pretty easily.

Nothing I've seen in documentation states that it is a lanyard hole and no lanyard or wrist strap was included in the box.

Yes, it's for a lanyard.

. . . or a charm . . .

I've got a cool 8-ball on mine.