iMac Update Looms as Supplies Dwindle

Apple updates are often as predictable as the tides, which is why it's no surprise to hear that iMac supplies have started hitting some constraints. Apple usually refreshes its desktop line in the summer, and reports are gaining traction that new Sandy Bridge, Thunderbolt-toting iMacs are slated for the next few weeks. [9to5Mac]

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That sounds cool, now refresh me on this, 'cuz I've been out of the loop with the Thunderbolt port, what is it good for besides wicked fast transfer of ridiculous amount of data?