It is the "official blog for the core development team" and is regularly updated with news of their meetings, activities and other projects. For instance, for those of us interested in WordPress Multisite (as I am), there was a recap of a recent meeting focused on ideas for improving Multisite. There was also a thread earlier in the month about adding images to plugin pages on WordPress.org, which explains why many of the pages have now added photos. And there was discussion of what would be in a "TwentyTwelve" default WordPress theme.
All good stuff to monitor for those of you heavily using WordPress. You can, of course, subscribe via RSS... and an email option is also provided.
Kudos to the core development team for keeping us all informed on what they are doing (or thinking about doing).
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