R is a statistical computing and graphics language used for statistical development and data analysis. It provides effective data handling, storage, and reporting with a wide range of statistical and graphical techniques. Some key features of R include its open source nature, large community support through CRAN, and ability to handle complex mathematical formulas and statistical tests easily. However, R also has a steep learning curve and some available packages can be buggy. Common R objects include vectors, lists, matrices, arrays, factors, and data frames to store and manipulate tabular data.