JΛVΛSLΛNG is a functional sugar library for Java that allows programming in a more functional style. It provides immutable collections, the Try monad for exception handling, and pattern matching via structural decomposition. Some benefits include referential transparency, avoiding side effects, and thinking in values. The library integrates fully with the Java standard library but also has some drawbacks like Java's complex type system and not replacing core Java concepts like collections. The documentation provides more information on concepts like sequences, options, and circuit breakers.