devpts -- What is this?

There is an entry in my fstab as follows devpts /dev/pts devpts mode=8620,gid=5 0 0 Cam someone enlighten me a bit on what this is? I did some googling on it and it seems like it's pretty standard for a Linux system, along with proc. Apparently, it handles the i/o for things like your monitor, your keyboard, etc. Do I have this right? This is just a bit of idle curiosity on my part. Thanks, Greg Wallace