<p>I've heard the term MVC (Model View Controller) tossed about with a ton of Buzz lately, but what really is it?</p>

Wikipedia seems to describe it best so far:
http://en.wikipedia.org/wiki/Model-view-controller
Model-view-controller (MVC) is an architectural pattern used in software engineering. Successful use of the pattern isolates business logic from user interface considerations, resulting in an application where it is easier to modify either the visual appearance of the application or the underlying business rules without affecting the other. In MVC, the model represents the information (the data) of the application and the business rules used to manipulate the data; the view corresponds to elements of the user interface such as text, checkbox items, and so forth; and the controller manages details involving the communication to the model of user actions such as keystrokes and mouse movements