You mean Business Insight Advanced? If so, it's a new authoring environment which takes the capabilities of Query Studio, Report Studio Express Mode, most of Analysis Studio and some bits of Report Studio and presents them in a unified authoring environment. It is still aimed at business authors, so the interface displays "Live" data (like Query Studio) and calculations/filters etc are simple to define, avoiding the use of expression editors etc.
One of it's main ideas is to remove the confusion experienced by some business authors in Cognos 8 - ie do I need to do Report Authoring? Analysis? Financial Reporting? - in Cognos 8, separate studios provided these capabilities to business authors, and they had to decide upfront what kind of authoring they wanted to do. With Business Insight Advanced, an author can do any/all of these in a single interface.
External data sources are a neat (if slightly dangerous) feature - you need to think carefully about the quality/accuracy of the data in the external file before using it in a report, and some authors will not/cannot make this kind of determination before jumping straight in...

MF.