The values clause is not new to SQL Server, it is used to hard-code values while inserting records into table. The value constructor is enhanced in SQL 2008 which provides a capability to insert multiple rows in a single statement and it also can be used as derived table for joining with other tables.
Inserting multiple records using table value constructor.
INSERT INTO dbo.Supplier (SupplierId,SupplierName,SupplierEmail) VALUES (1,'BSA','firstname.lastname@example.org'), (2,'Honda','email@example.com'), (3,'Puma','firstname.lastname@example.org'), (4,'Nike','email@example.com')
Each column is separated by comma with in open and closing bracket, the row is separated by comma after the closing bracket.
Values clause as a derived table
SELECT * FROM ( VALUES (1,'BSA'), (2,'Honda'), (3,'Puma'), (4,'Nike'), (5,'Google'), (6,'Microsoft'), (7,'Apple') ) AS S (SupplierId,SupplierName)
Table value constructor is used in SELECT statement (to join with other table).
SELECT * FROM Supplier S1 FULL JOIN (VALUES (1,'BSA'), (2,'Honda'), (3,'Puma'), (4,'Nike'), (5,'Google'), (6,'Microsoft'), (7,'Apple') ) AS S2 (SupplierId,SupplierName) ON S1.SupplierId = S2.SupplierId