What is it and what features does it possess??
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VIdeo in Video Out
means that card can display video(output) and also record it (input)
Yep, Video In and Video Out.
You can watch tv on it, hook it up to your xbox or playstation, dvd player, you can record tv to your hard disk etc. You can also hook up your computer to your T.V (if it's good enough) and play movies/games on the TV or surf the web.
Most newer video cards have VIVO. Nothing rare and hardly used in my opinion. I've had one for three years now, hardly used it. A computer video out on a T.V hardly every looks good unless you have a 1 megapixel tv at the very least.