It's a much needed upgrade to Java whose fundamental advantage is what I'd call "crispness": you can write terse code that is actually understandable. In particular, the notion of inlining closures allows for efficient functional programming and great DSLs.
In comparison to Scala, Kotlin is much less advanced, but much much simpler. Like said earlier, it's easily as terse as Scala. Scala, however, is much more expressive (what I'd give for typeclasses...) and that sometimes hurts in Kotlin as it does in Java.
There's also Ceylon (JVM language by Red Hat) who is seemingly in the same niche and which I very much wants to experiment with. From what I've read so far, Ceylon seems conceptually more elegant and more powerful than Kotlin. The open question is whether it can match Kotlin's crispness.
It feels a bit early for a release however. The compiler is still completely wonky. Inference sometimes fails on things that should be completely trivial. It is particularly bad at taking return types into account. It's fully usable, but expect to work your way about some linguistic unpleasantness (or outright bugs).
Also, for some reason, Kotlin seems big in Japan.