A significant time was devoted of Renderscript at the Honeycomb launch event by Google recently. While, most of it was only limited to what it can do, Google today posted a slightly detailed description of Renderscript.
According to Google:
Renderscript is a new API targeted at high-performance 3D rendering and compute operations. The goal of Renderscript is to bring a lower level, higher performance API to Android developers. The target audience is the set of developers looking to maximize the performance of their applications and are comfortable working closer to the metal to achieve this. It provides the developer three primary tools: A simple 3D rendering API on top of hardware acceleration, a developer friendly compute API similar to CUDA, and a familiar language in C99.
Renderscript has been used in the creation of the new visually-rich YouTube and Books apps. It is the API used in the live wallpapers shipping with the first Honeycomb tablets [Read Xoom and G-Slate].
We won’t go in the nitty-gritties, you can read the technical details about Renderscript on the Android Developers Blog.