Edit: I read a bit more on this, and was mistaken. Here is my original explanation: Basically a vacuum pump to lower boiling temperature; this puts a ceiling on achievable temperature for water-rich foods.
Actually, nowadays it looks like it's just slow cooking vacuum-sealed food in a temperature-controlled water bath.
For pan searing, a quick and accurate thermometer doesn't actually make this much easier. I also have a Thermapen, but pan searing to a certain level of doneness is still a bit of an art because the final interior temperature after resting can be quite a bit different than the pull temperature due to residual heat at the edges of the meat. Even trying to get a consistent interior temperature using the same pan temperature (using a Control Freak induction cooktop) is difficult because the shape, thickness, and moisture content of meat can vary significantly. There's a few new gadgets that attempt to resolve this (e.g., this predictive thermometer with 8 sensors https://combustion.inc), but honestly having a lot of cooking experience is probably the best way to get a feel for when to remove the meat from the pan under rapid cooking conditions.
Of course, sous vide and reverse sear are completely different and while you can indeed get a precise temperature, those methods have their own trade-offs (namely, it's difficult to get as thick of a crust).
She loathes sous vide.
The nice thing about the Thermapen is that it reads so fast that it's easy to explore the temperature gradients in the food. It's a learning process, right? In my own cooking, I'm correlating the measurements with technique and results, and when I finally cook something well I can reliably repeat it.
(Full disclosure. I have the surface temperature version of the Thermapen and a 4-channel recording thermometer, and I've profiled the oven, the griddle, etc. :-) We now focus on improving other aspects of cooking, confident that temperature is handled.)
I was amazed when I discovered this. If you have a thick steak on a pan, knowing what the temperature gradient looks like inside is very valuable, compared to just knowing the temperature in the middle. Just slide your thermapen out slowly, and you can get a good reading on the gradient.
Yes, we have cheaper thermometers. The difference is night and day. More than anything, it’s the speed with which it settles, but the unit is also calibrated, which gives us confidence. (I spent some time looking for a cheap alternative, but didn't find anything with consistently great reviews. I decided it was worth the extra money to buy less hassle, and I went with Thermoworks. No regrets!)