The document discusses the features and improvements introduced in Android Studio 3.0, including dependency-aware build variants, faster Gradle build times, and enhanced profiling tools. It explains the application structure through modules, build types, product flavors, and their importance in creating different versions of the app such as production, QA, and development. Additionally, it outlines the evolution of building and compiling methods with respect to Gradle plugin capabilities and introduces the concept of flavor dimensions for further customization.