Billed as an "interactive map", it's essentially a giant, zoomable map of the game's province that lets you drop markers and notes on things like dropped loot, areas for alchemy recipes, etc.
Later editions will introduce more social features, like the ability to share map markers, chat, and upload pictures.
Most of which sounds like fluff, but if you're playing alongside friends and say, "Hey, here's where I found some badass boots", then that's kinda cool. Especially since it's free.
The first version of Dragon Shout will be later this week on both iPhone and iPad.
Dragon Shout: A Hip, Upcoming 'Skyrim' Map App [Touch Arcade]