The document summarizes the new version 3 RDS API from Open Telekom Cloud. Some key changes in the v3 API include simplified variable names, introduction of rds_node_id, support for only main database versions, replacement of flavor_id with rds_spec_code, data disk encryption, and introduction of parameter groups for centralized database configuration. The v3 API status is currently supported, while versions v1 and v1.0 are deprecated.