It's an i2c-controlled PWM driver with a built in clock. That means that, unlike the TLC5940 family, you do not need to continuously send it signal tying up your microcontroller, its completely free running!
It is 5V compliant, which means you can control it from a 3.3V microcontroller and still safely drive up to 6V outputs (this is good for when you want to control white or blue LEDs with 3.4+ forward voltages)
6 address select pins so you can wire up to 62 of these on a single i2c bus, a total of 992 outputs - that's a lot of servos or LEDs
Adjustable frequency PWM up to about 1.6 KHz
12-bit resolution for each output - for servos, that means about 4us resolution at 60Hz update rate
Configurable push-pull or open-drain output
Output enable pin to quickly disable all the outputs
Terminal block for power input (or you can use the 0.1" breakouts on the side)
Reverse polarity protection on the terminal block input. The terminal block included with your product may be blue or black.
Green power-good LED
3 pin connectors in groups of 4 so you can plug in 16 servos at once (Servo plugs are slightly wider than 0.1" so you can only stack 4 next to each other on 0.1" header
A spot to place a big capacitor on the V+ line (in case you need it)
220 ohm series resistors on all the output lines to protect them, and to make driving LEDs trivial