Base attack bonus +1.
You can draw a weapon as a free action instead of as a move action. You can draw a hidden weapon (see the Sleight of Hand skill) as a move action.
A character who has selected this feat may throw weapons at his full normal rate of attacks (much like a character with a bow).
Without this feat, you may draw a weapon as a move action, or (if your base attack bonus is +1 or higher) as a free action as part of movement. Without this feat, you can draw a hidden weapon as a standard action.
A fighter may select Quick Draw as one of his fighter bonus feats.