What is the Dynamic Island on the iPhone 14 Pro and what can it do?

Apple announces iPhone 14 Pro and 14 Pro Max

iPhone 14 Pro with 48 megapixels and Dynamic Island instead of

Apple Dynamic Island: What's Good and Bad About It

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Notch No More: How To Use The Dynamic Island On The IPhone, 43% OFF

I had a nightmare about Apple's iPhone 14 Dynamic Island (so I

iPhone 14 Pro Dynamic island

New features Apple could bring to iPhone 14 Pro's Dynamic Island

Does the iPhone 14 have the Dynamic Island?