Rx.js allows for asynchronous programming using Observables that provide a stream of multiple values over time. The document discusses how Observables can be created from events, combined using operators like map, filter, and flatMap, and subscribed to in order to handle the stream of values. A drag and drop example is provided that creates an Observable stream of mouse drag events by combining mouse down, mouse move, and mouse up event streams. This allows treating the sequence of mouse events as a collection that can be transformed before handling the drag behavior.