What is the Uniswap v3 strategy?

Can you explain in simple terms what the Uniswap v3 strategy entails? I've heard about it being a significant upgrade from previous versions, but I'm still unclear on how it works and how it can benefit traders and liquidity providers. How does it differ from Uniswap v2, and what are some of the key features and advantages that it offers? Is it suitable for all types of traders, or are there specific use cases where it excels?