The name is a little unwieldy, but it gets the point across. You go onto the Apple web site to find what you want, click to reserve the product at a nearby Apple Store, and then go to the store and pick up the goods while you're doing your holiday shopping between December 15 to 24.
For many folks, this might seem awkward -- why not just buy the product online and get it shipped, or just go to the store and buy it? For guys like me, it's perfect -- all of the convenience of choosing a product online, with the added bonus of being able to check out the retail store during the holidays.
iLounge notes that there's no AppleTV on the list, so if you were planning to pick one up as a gift, you'll have to go a more traditional route. There's also no way to actually reserve an iPhone. Instead, you're told to get an iPhone gift card to give to some lucky recipient. Nevertheless, I like the idea of reserve and pick-up, an interesting mix of online shopping and in-store purchasing for the holiday season. It's Apple take-out.