I am not going into the full technical bits of the product as this has been done many times before and here is a full list of links to get you up to speed:
Take a look at the demo videos as they are quite quick and really show the power of the product. To illustrate I took a normalised data source and imported 3.5 million rows into PowerPivot in under 2 minutes. I then created a Pivot Table from the data with the new look and feel of having slicers across the top and down the left hand side. The results were blistering fast.
This is a first release and the product is full of bugs. As with most Microsoft products wait for V2 before releasing into your production environment. More to come later.
- Paul Steynberg