The pieces are almost all generic, and closely model their real-world mechanical equivalents -- beams, pins, gears, axels, motors, linear actuators, switches, battery power supplies. There a great book exploring all the technic fundamentals: "Unofficial LEGO Technic Builder's Guide" [1]. It covers concepts like leverage, torque, gears, gear ratios, differentials, suspensions, transmissions, etc.
Throw in the fact that technic electronic components (motors, lights, sensors) can be driven by code (eg. scratch on a rapsberry pi), and I can't imagine a better learning toy which is initially so approachable, and yet has such a high ceiling for advanced learning.
If you want to see what incredible creations are possible in the hands of the masters, check out "Incredible LEGO Technic" [2].