Plain English Meaning
A rule that lets approved aircraft fly only 1,000 feet apart vertically in the high-altitude band where they used to need 2,000 feet apart. It doubles the number of usable cruise altitudes up high, but only properly equipped and approved aircraft are allowed in.
Full Definition
An airspace standard that allows aircraft to be separated vertically by 1,000 feet, instead of the previous 2,000 feet, between flight levels FL290 and FL410 inclusive. To operate in RVSM airspace, both the aircraft and the operator must be specifically authorized, and the aircraft must meet strict altitude-keeping performance and equipment requirements.
Context Anchor
You will see RVSM in high-altitude flight planning, IFR clearances, aircraft equipment requirements, and discussions of operations above 290.