Basically it's a digital magazine that's customized based on user preference, and is going to be updated once a month, having articles that highlight developers and applications.
“Pivot brings app discovery to a new level for customers and developers alike,” said Richard Kerris, vice president, webOS Worldwide Developer Relations, HP. “We want our partners to experience webOS as the growing platform of opportunity, and we’re investing in new ways to help market their applications on our platform.”
WebOS Pivot will debut on the Touchpad's launch day, July 1st, and will create a dynamic marketplace for apps while broadening exposure to apps that otherwise might be lost in the catalog.
Read the full press release here.
And here's a cool demonstration of the Touchpad, filmed yesterday. I think it's interesting that one of the people watching commented along the lines "I have an iPad 2 and I can't wait to get this. The Touchpad tops it."