OpenStack is a collection of open source projects that provide comprehensive cloud services, consisting of seven core components such as compute (Nova), storage (Cinder), and networking. It is not a single project or a direct competitor to solutions like VMware, and while it presents opportunities for businesses, its complexity may deter small and medium-sized businesses (SMBs) from in-house deployments. To get started with OpenStack, familiarity with Linux and configuration management tools is advised, along with using DevStack for initial setup.