The ST_GeomFromGeoJSON function in PostGIS allows web developers to easily work with GeoJSON data, making it a valuable addition for applications that need to handle geospatial data. The development of this functionality was made possible by OpenGeo and Vizzuality, and it is now available on the CartoDB platform. With this new feature, users can import and write GeoJSON data directly into PostGIS without relying on third-party libraries, making it easier to work with geospatial data in their applications.