spec is short for specifications. when talking about an object (like a movie or a player) it means the features. When talking about a format it usually means what is required, optional or none existent in the format.
BD has 4 profiles, each profile has a list of minimum specs for players. One of the profiles is called BD-video 1.1. Right now all players are BD-video 1.0 later on this year any new BD-video players will be required to be BD-video 1.1. The difference between video 1.0 and 1.1 is that 1.1 requires the player to have two video decoders so that two video streams can be decoded at once. In other words you will see two pics at once. This can be in the form of a PiP, in the form of a PoP or in any form the disk author decides.
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