I know what you’re thinking: “Wow! Fantastic! Superb! Awesome! Fabulous… Huh?”
You were right the first time. oEmbed in PeepSo 1.2.0 is a way of presenting a link on a website. Instead of showing blue text and an underline, you get to show the actual content you want to share. So if you wanted to show your visitors a YouTube video, instead of telling them where to go, you embed the video itself.
oEmbed isn’t just pretty. It also helps with usability and it keeps people on your site. Instead of sending your users to YouTube, you can show them the video inline and keep them with you.
PeepSo now supports all of the embeds that WordPress natively supports. You can see the whole list here: https://codex.wordpress.org/Embeds
And if you really want to learn oEmbed’s technical details you can take a look here: http://oembed.com/