Do you need multiple sites or multiple domains, all based out of the same Drupal install and database, but with certain settings different across those sites? Do you need to be able to share some content across sites and separate other content? It's easy to create multisite / multidomain setups with the Sites module, even if you don't have any PHP/development experience.
Sites integrates the PURL module directly with Context, Views, and other modules without going through the Spaces and Features modules. PURL allows code to react to certain elements of a URL (domains, subdomains, path prefixes, etc.). Sites listens to PURL and gives Context, Views, Node, and other modules a way to respond differently to different URLs and enable/disable settings and content accordingly.
Sites offers multi-site / multi-domain functionality that is in many ways similar to both the Domain Access module and the Spaces module. Its basic architecture is a great deal simpler and more lightweight, however. This introduces a tradeoff -- Sites is faster and easier to set up, but does not provide as deep a degree of content/settings segregation as the aforementioned modules.
Current features:
- Views that see content across all sites