The product is the Intuit TurboTax Deluxe 2012 software designed for tax preparation, specifically for filing federal and state returns with the option for e-filing. It comes in CD format for both Windows and Mac platforms, with a minimum requirement of 500 MB hard drive space, 512 MB RAM, and a 1 GHz processor speed. The software is geared towards individuals looking to manage their personal finances and taxes efficiently, offering a user-friendly experience for completing tax returns accurately.