A fancy outdoor shopping mall (right across the Scottsdale Quarter) There are a lot of restaurants here and swanky stores like Crate N Barrel, JCrew, Seven for all Mankind, Sur La Table, Anthropologie and Coach.
There aren't a lot of fast food eateries here, so if you need a quick bite you'll have to drive out of the commons.
Definitely nice area and on a sunny day, it's just fun to walk around and people watch.