OAuth is an emerging authentication standard that is being adopted by a growing number of social networking services. It defines a key exchange mechanism that allows users to grant a third-party application access to their account without having to provide that application with their credentials. It also allows users to selectively revoke an application's access to their account.
Some of the more technical aspects of this article will be easier to understand if you have a basic familiarity with the standard and the problems that it is trying to solve. We published a primer earlier this year that you can refer to if you are looking for additional background information.