As I understand it, infiniband is a low-latency interconnect for clustered computing. Basically, it's just a new (though SIGNIFICANT) network driver.
And one most users probably don't need to worry about.
As for why it has made such news: clustered computing is obviously a growing area of development, especially at the enterprise level. The introduction of infiniband to linux has contributed to increasing Linux's role in the future as an enterprise operating system.