In plain English, you can take a number of photos consecutively, each with a different exposure setting. This increases the chances that a picture you just shot will have at least one perfect outcome. In addition, it will allow those into photography to use the different exposures to create a final picture using a "homemade" HDR on a PC. Some smartphone cameras do this automatically by stitching together a series of different exposures of the same shot to create one outstanding photograph.
If you own the Nokia Lumia 1020, you can get the update by clicking on the sourcelink.
source: NokiaProCam via GSMArena