It downloads HTML and renders it at blazing fast speed. If you ever wondered just how slow modern web development has made the web - Lynx will show you the meaning of haste.
I use Lynx most days. Not as my exclusive browser - I'm not a masochist - but as a handy tool. If I'm on a bandwidth constrained connection, or a site is overloaded, or I just want to browse without distraction. Lynx is where it's at. It is also brilliant for seeing what weird markup bugs your site has.
Arrow keys up and down move you... up and down. Left goes back a page, right follows a link. Q quits. And that's all you need to know for your first five minutes.
Pressing the letter O gets you to the option screen. There are a bunch of things you can change here - and it shows off the UI pretty well.