Spring Boot is a framework for creating stand-alone, production-grade Spring based applications that can be "run" using java -jar without the need for an external web server. It favors convention over configuration and aims to get developers up and running quickly with minimal configuration. Key features include an embedded web server, automatic configuration, and starters that provide prepackaged dependencies. Pros include faster development and deployment, while potential cons include more complex custom configuration and incompatibility with some legacy Spring projects. The documentation provides guidance on creating starter projects with an initial Java file, build script, and dependencies.