It uses Cairo / OpenGL to render graphics (many in correlation with Compiz) with full hardware acceleration. It's fully configurable and fully customisable and can be used as a taskbar too.
You can easily add applets in the dock or as a desklet.
It is recommended to install the PLUG-INS package (cairo-dock-plug-ins) to have acces to more views, dialogs and many plug-ins and applets.
Some screenshots are available : http://www.cairo-dock.org/mc_album.php?a=3