Well, this isn't exactly my area of expertise but I can give a basic explanation (and I will get a more detailed one courtesy of another individual, but that may have to wait a day or two).
But basically, GDF8 (growth and differentiation factor 8) is part of a family of related molecules called transforming growth factors beta (TGF-b ). This has more commonly come be known as the Myostatin gene. (You may or may be familiar with some of the experiments performed on cattle and mice;however, if you are familiar with them, you would understand the potential of this drug). Myostatin is a gene responsible for inhibiting skeletal musclular growth in humans (and all life as far as I know). Studies performed in untrained animals and livestock revealed an increase in skeletal muscle mass by an average of 2-3 times. This finding is quite remarkable really. (As cited below).
McPherron, AC, AM Lawler, SJ Lee. Regulation of skeletal muscle mass in mice by a new TGF-b superfamily member. Nature 1997, 387:83.
McPherron, AC, SJ Lee. Double muscling in cattle due to mutations in the myostatin gene. Proc Natl Acad Sci USA 1997, 94:12457
In terms of practical use in bodybuilding rounds, I only know of one individual who has ever used any of this category of drugs. His muscular gains are actually quite unbelievable. Adminstration of 2-4 intravenous injections daily certainly isn't for the faint at heart though. I also would be very scared to ever use any drug claiming to inhibity GDF8 as I would be concerned that it could possibly inhibit a close relative GDF11. Now, GDF11 activity is known to be important for processes such as bone morphogenesis, retinal development, dentin formation (teeth), possibly in kidney development, and possibly in neurogenesis/repair. We also do not know if GDF8 is responsible for more than simply regulating skeletal muscle growth.
In laymans terms, this category of drugs about as dangerous as it gets. There certainly are going to be more and more individuals using this drug as they try to make it in the bodybuilding/powerlifting world. Given its price, administration method, and possible dangers, I don't expect to see this category of drugs gaining much ground in an amateur bodybuilders shoebox anytime soon.
I apologize if I butchered anything there or inaccurately represented something, but its a bit over my head.