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The Arduino Micro is a microcontroller board based on the ATmega32u4 (datasheet), developed in conjunction with Adafruit. It has 20 digital input/output pins (of which 7 can be used as PWM outputs and 12 as analog inputs), a 16 MHz crystal oscillator, a micro USB connection, an ICSP header, and a reset button. It contains everything needed to support the microcontroller; simply connect it to a computer with a micro USB cable to get started. It has a form factor that enables it to be easily placed on a breadboard.
The Micro is similar to the Arduino Leonardo in that the ATmega32u4 has built-in USB communication, eliminating the need for a secondary processor. This allows the Micro to appear to a connected computer as a mouse and keyboard, in addition to a virtual (CDC) serial / COM port. It also has other implications for the behavior of the board; these are detailed on the getting started page.