In the graphical user interface (GUI) for a computer operating system or application, a taskbar is a visual device on the desktop that typically shows the user which applications (tasks) are currently active and running.
Combined window management and program launching
As noted above, the Windows 7 taskbar combines two previously separate bits of functionality: Open window management and program launching/file opening. Prior to Windows 7, the taskbar was generally used only to manage open applications and other windows, but the popularity of the Quick Launch toolbar--which was a secondary way, after the Start Menu, to launch applications and open files--led Microsoft to add this functionality directly to the main taskbar. So instead of two separate areas between the Start button (now called the Start Orb) and the tray notification area, you get one taskbar that does it all.
Customizable buttons
In previous versions of the taskbar, the location of taskbar buttons would be dictated by the order in which you opened and closed applications and other windows, so the layout of the taskbar could be different every single time you used Windows. In Windows 7, the taskbar is far more customizable, and since you're able to "pin" shortcuts to the taskbar, and move them around so that they're in the order you prefer, you will have a more consistent taskbar with more easily remembered buttons.
Taskbar thumbnails
When you mouse-over a taskbar button for a running application or open window, a new taskbar thumbnail will appear, providing a preview of the window (or windows) that are represented by that button. Typically, these thumbnails will provide a miniature version of the underlying window(s), but applications are free to customize these previews as well.
Aero Peek button
Windows key + Space bar
Windows 7 introduced a new handy feature called "Aero Peek", that allows you to, well, peek at your desktop to see its content, without having to minimize any