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Well, you see, there's a sense in which....
Jeremy, I'm going to step out and predict that you will not get too many *really* useful answers to that request here, and that for one simple reason: a theological system or movement simply defies a short "definition." For instance, if I were to ask for a simple definition of Lutheran or Reformed or Papal theology, I'm sure the trickiness and even impossibility of such a request will quickly be made evident.
For a very short overall description, you might start with this short piece written by Dr. Scott Clark. You might also want to check out Guy Waters brief intro to the topic, The Federal Vision and Covenant Theology: A Comparative Analysis, which does provide some good information regarding what different "FV" teachers teach. Also, I would recommend checking out the literature that different Reformed denominations have put out on the topic, and also seminaries (e.g., MARS). These will all provide some good, basic information.