The SFP+ transceiver is a compact, hot-swappable module designed for 10 Gigabit Ethernet applications. It provides a connection over fiber optic or copper cabling, supporting various distances and wavelengths. SFP+ is backward compatible with SFP modules, allowing it to be used in SFP ports, though it operates at higher data rates. It is commonly used in data centers and enterprise networks for high-speed data transmission.