This release does not have a Play Store Description, so we grabbed one from version 4.8.0.41990:

With Microsoft Launcher (formerly known as Arrow Launcher), you can personalize your Android device to match your style with wallpapers, theme colors, icon packs and more. With a Microsoft account or work/school account, you can access your calendar, documents, and recent activities in your personalized feed. You can even open photos, docs and webpages on your Windows PC* to be productive across all your devices.
 
KEY FEATURES
 · People at your fingertips. Have your most important people at your fingertips. Pin contacts to your Home screen and place them anywhere on the Home screen, dock or in folders.

· Choose your look. Personalize the look and feel of your device by customizing your wallpaper, theme and accent colors, icon packs, gestures and more.

· Personalized feed. See your most important information at a glance like news, calendar events, docs, contacts and more in your personalized feed. You can even set your feed as your default Home.

· Continue on PC. Snap a pic on your phone and see it instantly on your Windows PC* or continue editing an Office 365 document on your PC by linking your phone with your Windows PC.

· Search the web and your phone in one place. Search the web or your files, apps, docs, messages and web results using Microsoft Launcher's universal search bar.

· Gesture customization. With deep customization for gestures, you can double tap to lock your phone, swipe up for app drawer and more.
 
TERMS OF USE
 By installing this app, you agree to the Terms of Use (go.microsoft.com/fwlink/?LinkID=246338) and Privacy Policy (go.microsoft.com/fwlink/?LinkID=248686).

*Continue on PC usage requires a Windows PC with the latest Windows Fall Creator's Update