vi is a text editor available on Unix systems that uses keyboard commands instead of arrow keys or function keys. It displays 24 lines of text at a time from the file being edited. While vi allows adding, changing, and deleting text, it is not a word processor and does not provide formatting capabilities. Some basic vi commands include opening and closing files, moving around with hjkl keys, and elementary editing commands like inserting text and copying/pasting. More advanced features include using regular expressions to search and substitute text.