Cloud Foundry is an open source cloud platform that provides developers with choice in frameworks, services, and deployment locations. It allows for high developer agility and optimized software delivery across public, private and hybrid clouds. Cloud Foundry supports various programming languages and frameworks. Developers can access services like databases through the VCAP_SERVICES environment variable. While auto-scaling is not built-in, third parties provide dynamic scaling options. Cloud Foundry can be run locally through Micro Cloud Foundry for development and testing purposes.