If you haven't noticed this little gem, that's because it is hidden at the bottom right corner of your Sheets screen.
While the Explore button has been there for a little while, it has recently gotten a few updates. Let's take a look at what the Explore button can do...
Get Answers About Your Data
One really cool features in Explore is the Answers section. At the top of any Explore pane, you will see a search box that says, "Ask a question about your data". So for instance, with the demo sheet available with the new explore button, there is a great deal of data about the World Cup. You could simply type in "Who was the winner?" and get a quick answer about that data.
Learn from the Formula
Want to know how they did that? With any question you ask you can click See Formula and see the Sheets formula used to find the data related to your question. For example, in a question about who the winner is, Sheets uses the unique filter to arrive at the answer:
=UNIQUE(FILTER(D2:D21,D2:D21<>""))
Once you find your answer, and view the formula, you can click on the formula and it will be copied to your clipboard so you can use it and apply it elsewhere. This is a great way to learn more about the use of Functions and Formulae.
Add Formatting Quickly
In my previous post (5 Tips for Google Sheets Users) I discussed some of the simple formatting you can do to your Sheet. For example, there is a quick way to add alternating colors to your sheet. Want to save a few steps? Use the Explore button.
Insert Charts In A Snap
You can also get suggestions for Data Charts and Graphs quickly. Just click on Explore, find the chart or graph you want, and click & drag it onto your Sheet. You can also click the Pencil on the Graph to quickly edit or make changes to your new Graph. 
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