The Banana Pi M1 is a single board computer that is smaller than the Raspberry Pi but more powerful. It has a dual core 1 GHz processor, 1GB RAM, Gigabit Ethernet, SATA, USB and HDMI ports. It can run operating systems like Android, Debian Linux and Ubuntu Linux. Some key uses of the Banana Pi M1 include use as a web server, learning Linux and programming languages, connecting hardware like sensors and motors, building an internet radio or home server, and playing games on Android. It provides an affordable way to learn programming and hardware prototyping.