Developed by Intel but with some collaboration with Apple. It’s pretty much an open standard but Apple have jumped right into it so peripheral manufacturers and other system builders are taking a bit of time to catch up.
It is essentially a very high-speed, daisy-chainable interface that uses a nice compact cable. Apple’s current implementation of it uses the mini-DisplayPort type connector, but it can carry all sorts of other stuff besides video. It’s in effect an extension of the PCI Express bus, which has traditionally been internal to computers – it gives the possibility of interesting stuff like having your graphics card in an external box, so your nice slim and light laptop could be hooked up at home and turn into a gaming powerhouse.
As allthegear says, Apple have released a new 27″ monitor that has USB2, gigabit ethernet, audio, Firewire 800, etc built in – as well as another Thunderbolt port for plugging in other things. You just plug in a single cable and all that stuff gets presented to your Mac.
I know PC cynics will point at the docking stations that have been around for donkeys years, but this is doing it all over a single, compact, standardised cable – not some proprietary port on the bottom that often changes between models, let alone manufacturers.