It's about P vs NP, and it wasn't a bet, it was just a statement that if the result had been proven then he, Scott Aaronson, would pay money.
You can read more about it here on HN:
http://searchyc.com/submissions/NP?sort=by_date
If you want authoritative commentary then Lipton's blog is the place to go:
If you want an overview of what it all means, I'm about to start writing a series for the non-specialist, non-mathematician, and you can vote for where you'd like me to start:
http://news.ycombinator.com/item?id=1674804
https://rjlipton.wordpress.com/2010/08/15/the-p≠np-proof-is-...