ASP.NET vNext represents the future of ASP.NET with a new modular structure based on NuGet packages. It uses OWIN and is optimized for the cloud with lighter frameworks. Key features include dependency injection support, EF7, Identity 3, and tools for frontend automation like Grunt and Bower. The new runtime is powered by packages like KRE, KVM and KPM which allow running apps cross-platform using .NET Core.