Unfortunately, most people don't want the simple, easy answer to that question, so... OS/2 was originally developed jointly by IBM and Microsoft as a multitasking successor to DOS for 286 and better CPUs, but version 1.x never really caught on except in a few specialized applications. With version 2.0, Microsoft dropped out of the OS/2 partnership, and IBM promoted OS/2 to a 32-bit OS requiring a 386 or better CPU. This basic configuration has not changed with OS/2 2.1 or 3.0. The newly released OS/2 Warp v4.0 was not tested with 386 CPUs, but experience in the field has shown that it functions just fine on a 386 if there is enough memory.
OS/2 Warp (in all its versions) is a multitasking, 32-bit, single-user OS for 386SX and better CPUs with 4MB or more of RAM. It is very DOS-like in some ways (such as the commands used in its command-line interface, and the presence of a CONFIG.SYS file), but resembles the Mac in other ways (e.g., the iconic representation of files from the WorkPlace Shell) and has some similarities to other OSes in still other ways (e.g., pop-up menus when clicking on the desktop itself, which are reminiscent of X Windows under Unix). Warp includes a Graphical User Interface (GUI) known as Presentation Manager (PM), and a desktop metaphor for launching programs and manipulating files called the WorkPlace Shell (WPS). The PM bears some resemblance to Windows, though it's not identical. The WPS is similar to Windows 95's desktop metaphor or the Mac's Finder, but is generally more flexible and more object-oriented than either. A Windows version of the WPS is available.OS/2 Warp 3.0 comes in several versions with varying levels of networking support. The first-released version has only dial-up networking (SLIP and PPP) support. Two other versions, "Warp Connect" and "Warp Server," include client and server capabilities, respectively. The next release of OS/2, now called Warp v4.0, includes client networking features in the base package. When used with Windows for Workgroups 3.1, the WfW networking features are disabled under OS/2, though they can still be used if WfW is run from native DOS.
The lower-end versions of OS/2 also come in two versions each, one that includes a re-compiled version of Windows (often called the "with Win-OS/2" or "Blue Spine" version), the other of which requires that the user already have Windows 3.1 in order to run Windows programs from OS/2 (somtimes referred to as the "for Windows" or "Red Spine" version, though neither term is official). The "with Win-OS/2" version sometimes runs Windows programs slightly faster than does the "for Windows" version, and is easier to set up if the user doesn't already have Windows 3.1 installed; but the "for Windows" version is less expensive.
Out of the box, Warp can run OS/2 text-mode, OS/2 GUI, and DOS programs. Windows is a DOS program which Warp can run, and this is how OS/2 provides Windows support - by running Windows on top of its DOS mode. This method of Windows support has not change with Warp v4.0. Note that Windows 95 CANNOT be used to provide Windows program support for OS/2. Most new OS/2 users should get the original "for Windows" version of Warp, if going with OS/2 Warp v3.0. The "for Windows" version is slightly less expensive and will use less disk space than the "fullpack" version. Somebody who's upgrading from OS/2 2.1 fullpack should buy the upgrade package of the Warp "fullpack," which includes a "sniffer" to detect the old 2.1 code, and won't install if it doesn't find this. Somebody who's building a new computer and who doesn't already have Windows or OS/2 2.x, but who wants to run Windows programs, should buy the non-upgrade "fullpack" version of OS/2, which is the more expensive version, but more convenient than buying the "for Windows" version and a separate copy of Windows - or can go straight to OS/2 Warp v4.0.
"Should I Buy OS/2 Warp and use that as my operating system?" is a question that a lot of folks have... It's not one that can be answered all that easily, and can be a subject in and of itself. You can check out the various OS/2 sites on the web for more information about whether OS/2 is the right operating system for you.
You can send me e-mail at jkahane@comnet.ca.