Serial ATA is a new method of transferring the data from the HD and CDROm drives to the motherbaord. instead of using a nice fat ribbon, it uses 4 wires. it sends the data as fast, by having a REALLY high clock rate.
initially it will offer about 1 gigabit/second overall transfer rate (I think overall, I can't remember).
it doesn't have channels or anything like that, so you can have MANY MORE devices per controller chip.
it was also claimed that it doesn't therefor have to time share devices (ie if 2 IDE drives want to send data at a time, the controller allows 1, then the other, alternating in equal time lengths, to have the entire bandwidth to itself), so many devices can send data at a time, and therefor get closer to the maximum theoretical transfer rate of the whole design (with normal IDE tech, if the drive cannot fill the full bandwidth (say 100megs), that extra bandwidth cannot be used because it time share's, rather then bandwidth share).
it was also claimed to have lower CPU utilization then normal IDE, though I'd have to see that to believe it, becuase all 3 current ATA specs (33, 66, 100) claimed that, and didn't really reduce CPU time much at all (if at all).
if you want all that right NOW, the closest you can get is SCSI, which has EVERYTHING like I mentioned above, EXCEPT it still uses ribbons.