This is similar to any old fashioned chat room in the sense that you can see everybody else who is in the same room, and you all can talk to one another at the same time.
However, this room then also has a lot of awesome extra features including video chat streaming, a credit system for gifts and other cool things, and really useful expressive emoticons.
If you're still reading, I guess you want to know more.
Here at Speedy Cams we wanted to give you something in addition to what you would normally get at other similar random chat sites. First, we have this page, which offers the live video chat, but then we also have another section that offers a text-only chat.
To start using the chat, you will not have to check in, and most important thing is that the chat completely free.