The basic gist is that it's a plaintext format (which is readable as text) which can be converted to HTML, PDF, whatever. I have used it before and found it to be pretty easy to create and maintain.
Here are the goals that were set when designing RST:
- Readable. The marked-up text must be easy to read without any prior knowledge of the markup language. It should be as easily read in raw form as in processed form.
- Unobtrusive. The markup that is used should be as simple and unobtrusive as possible. The simplicity of markup constructs should be roughly proportional to their frequency of use. The most common constructs, with natural and obvious markup, should be the simplest and most unobtrusive. Less common constructs, for which there is no natural or obvious markup, should be distinctive.
- Unambiguous. The rules for markup must not be open for interpretation. For any given input, there should be one and only one possible output (including error output).
- Unsurprising. Markup constructs should not cause unexpected output upon processing. As a fallback, there must be a way to prevent unwanted markup processing when a markup construct is used in a non-markup context (for example, when documenting the markup syntax itself).
- Intuitive. Markup should be as obvious and easily remembered as possible, for the author as well as for the reader. Constructs should take their cues from such naturally occurring sources as plaintext email messages, newsgroup postings, and text documentation such as README.txt files.
- Easy. It should be easy to mark up text using any ordinary text editor.
- Scalable. The markup should be applicable regardless of the length of the text.
- Powerful. The markup should provide enough constructs to produce a reasonably rich structured document.
- Language-neutral. The markup should apply to multiple natural (as well as artificial) languages, not only English.
- Extensible. The markup should provide a simple syntax and interface for adding more complex general markup, and custom markup.
- Output-format-neutral. The markup will be appropriate for processing to multiple output formats, and will not be biased toward any particular format.
I can't say I'm at all excited about maintaining HTML, and I doubt most other people are as well. In my opinion, RST is good because it means people can edit documents without even thinking about markup/formatting/layout/etc and have it mostly work well.

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