The Raspberry Pi is a credit-card-sized single-board computer designed to promote computer science education, featuring a Broadcom BCM2835 SOC, a CPU that operates at 700 MHz, and support for various operating systems including Linux. It is affordable compared to traditional motherboards, making it accessible for programming and experimentation, but it lacks a permanent storage solution without an external device or SD card. Despite its limitations, it has a wide range of applications, including media playback and as a mini-computer suitable for educational purposes.