In theory what is it?
Learning the mathematical justification of estimates and research procedures. There is a greater focus on practical application rather than dry theory. Overall, it is a good grounding in problem-solving.
What is it used for?
Research.
What does the major actually entail -- work-wise
Math -- through multivariate and/or advanced calculus
Linear Algebra
Probability Theory -- very fun!
Research Methods
Design of Experiments
Computer Science is EXTREMELY useful.
What kind of jobs do you get with it?
Statistician, Resarcher, Biostatistician, Actuary.
One of the best things about this major is that you can apply your knowledge of research methods to almost any other discipline out there. If you have an interest in medicine or biotech, you can work with NIH-funded studies without having to get a PhD in microbiology. If you enjoy litigation or finance there are many firms out there specializing in that. The US government hires a ton of statisticians for almost every department, including Justice, Office of the Army, US Courts, the GAO, etc. It's the perfect career path for a person who has many different interests.
What are the fellow students like (personalitywise) in it?
People who are interested in a lot of different things and generally good at Trivial Pursuit. Second-rate mathematicians -- they're good at math, but not good enough to major in it. More interested in application than theory.
Common Misconceptions
It is not true that statisticians are boring! We are a fun group of people! Also, it is important to know how to write well and express yourself; one of the major components of statistics is explaining results to laypeople.