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What it is, essentially, is a temporary storyline that segments can be added to, incrementally. These individual segments disappear 24 hours after they are uploaded, and can only be viewed during the time that they are part of the "story".
For example, if you happen to not log into your account, you will never see what a buddy of yours has uploaded 29 hours ago, but what he uploaded 16 hours ago will still be there.
It also has a chat feature that automatically deletes incoming and sent messages, unless you specify to keep them. Instagram basically copied most of these features and now they have the same stuff.
I'm not sure why it's valued so highly, to be honest. Then again, most people are extremely easily entertained, so it doesn't take much. That is the social media I use least.
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