The document outlines the key features and improvements introduced in React 16, including full backward compatibility with React 15, the introduction of fragments and strings in the render method, and the implementation of error boundaries to handle runtime errors. It also discusses the advantages of portals for rendering child components in different DOM hierarchies, custom DOM attributes, and a complete rewrite of the core architecture known as 'Fiber' for improved performance and async rendering. Additionally, it highlights the significant reduction in file size and enhanced server-side rendering capabilities.