These JavaScript libraries tend to be large (the Yahoo! namespace source file is only 1.5k, but event.js weighs in at a substantial 30k), so Dustin takes the time to strip extraneous whitespace from the source and then wraps the code in PHP, which by using ob_start() and the gzip callback handler, he is able to compress the code down to only 2k. And before you go crying "IE doesn't handle compressed JavaScript well or cache it!", he also takes care of sending the correct HTTP headers to do just that.
According to the Yahoo! API documentation (which is excellent by the way, ignore the crack at the top of this post):
The Event Utility facilitates the creation of event-driven applications in the browser by giving you a simplified interface for subscribing to DOM events and for examining properties of the browser's Event object.
What Dustin is interested in highlighting are these features:
Along the way he drops in some great code examples and wraps up with the obligatory sample page to show off what the code can do. Dustin is very excited about this library, and even asserts dropping any of the various incarnations of addEvent() in favor of the Yahoo! Event library. Which need not concern you, since it is released under an open-source BSD license.
Nice work, but take it easy on the "dope," "tight," "sexy" and "sweet" next time, will ya?