AngularJS is a framework that improves on existing architectures by providing MVC structure, two-way data binding, and directives to add functionality and abstract away DOM manipulation. It aims to improve front-end development by reducing page load times and development effort. Key features include templating with expressions, routing, modules to organize code, services for sharing data and functionality, and dependency injection. While powerful, it faces some challenges around performance for older browsers and search engine optimization that require strategies like lazy loading and SEO-focused rendering.