It looks to me like a new comm protocol for machines on the bitcoin network to describe more complex transactions than what's easily supported on BTC & LN already.

A change to way signatures are able to be included in on-chain transactions. These new signatures all look the same, irrespective of whether they are single or multi-signature. If i understand correctly, it supports multi-sig more rubustly. See here.

Taro is taking advantage of Taproot. Taproot doesn't relate to Taro.

According to @kobie above, Taro can run on chain... which is whoa.

I'm half-jokingly telling my friends to get ready for the real ICO boom as Taro would open up a bajillion cans of worms that (since they're settling to Bitcoin, instead of shitcoins) I suspect will be very interesting to hard-money enthusiasts who have been watching a lot of interesting, distributed, "defi" technology develop in the shit-coin space.

Good luck on your journey.