This is a question you can ask when you just want to hear someone's general thoughts and opinions about a topic. You usually ask people this question to find out about things that you've never experienced before.
What's it like working with Will Smith?
What's it like having your parents live with you?
So what's it like owning your own business?
When the topic is already known in the conversation, you can just ask:
What's it like?
Or for a place:
What's it like there?