Wi-Fi is an acronym used to generally describe the interface of computing devices around us such as laptops, high-end cell phones, PDA.
It is now increasingly used for services like internet in airports, cafes etc. They are almost everywhere and rapidly reaching places where their usage was a reality. Any person with a Wi-Fi enabled device can access internet when in proximity of an access point. The region covered by one or several access points is called a hotspot. You have connectivity in a hotspot only Wi-Fi can also be used to create networks or simply peer to peer connection (useful in gaming applications). Wi-Fi networks operate in the unlicensed 2.4 (802.11b/g) and 5 GHz (802.11a/h) radio bands, with an 11 Mbps (802.11b) or 54 Mbps (802.11a or g) data rate or with products that contain both bands (dual band). They can provide real world performance similar to the basic 10BaseT wired Ethernet networks.
It has various advantages, few of them are like reduction in cost and expansion of network to anywhere, Data is more secure as cracking is not easy. It also has some disadvantages like many countries have their own standards for Wi-Fi and power consumption is heavy leaving a question on the battery life of laptops. Despite of these all, it is rapidly gaining popularity and emerging as a new interface for networking.