A Megaflow is a stainless steel cylinder, which (with the help of non-return valves, expansion control and safety devices to prevent it exploding) holds hot water at mains pressure, and is connected to the incoming water main. There are other brands.
It is heated by the boiler very much like any other cylinder, and is fitted with good insulation in the factory. It is more expensive than an ordinary cylinder but can give very good flow. Due to the pressure it has to be correctly installed by a heating engineer with an extra qualification, and it has to be periodically inspected to ensure that the safety features are still present and in working order. This can conveniently done by the person who services the boiler, if suitably qualified.
Unlike an ordinary hot water cylinder, it does not have, and does not need, a cold water tank in the loft. It can be heated by a heat-only boiler, or by a combi. If you use a combi you have the additional facility to run a shower off the combi without draining the cylinder, but you will need a lot of flow from the watermain to run both at the same time. A heat-only boiler is less complicated that a combi so has less to go wrong.
It will deliver hot water as fast as the incoming water main can deliver cold water, until it is all used up. Because the water is heated in advance of use, you are not limited to the amount of hot water instantly produced. You may have noticed that if you fill a bath at full flow in winter, using a combi, the water is not very hot
If you get one, and have two bathrooms, I'd be inclined to get quite a big one, if you have room.