Here's the moment in the video where it's announced: https://www.youtube.com/watch?v=KVZ-P-ZI6W4#t=1341
But basically the tl;dw seems to be that you can write JavaScript React code that runs efficiently on mobile and renders native primitive components instead of dom primitives (<View> instead of <div>).
It also introduces the idea of "Learn once, write everywhere" instead of "Write once, run everywhere", which I think is a great idea.
"Learn once, write anywhere."