Garry Kasparov, no doubt with a few sour grapes underfoot, coined that term to describe the conservative, play-the-percentages chess style epitomized by the man who took away his world championship title in 2000, Vladimir Kramnik. I consider these to be the basic precepts:
1) Don't lose. That sounds obvious, but it means not risking a loss, or playing what the Russians call "for two results," win or draw only.
2) Save energy to maximize advantages. Don't tire yourself out playing for a win if you get an equal or even a better position with black. Take the draw asap so you are fresher when you have the white pieces. This combines the advantages of energy and the first move.
3) Don't press too hard. If you lose the advantage with white, offer a draw immediately. Again, maximize advantages. Don't risk overpressing just because you have white. Be pragmatic. This is contrary to the old conventional wisdom - still followed by many players - that you need to press hard to win with white even if your opening advantage is gone.
4) Play the position, never the player. Ignore factors like opponent's tournament standing or rating, etc. These can interfere with your best judgment at the board, and it's not pragmatic to waste time and energy considering them.
It doesn't take examples to realize that following these rules leads to lots and lots of draws, many of them short and without interest as chess games. GMs today make very few mistakes, so being good at avoiding mistakes and punishing errors does not guarantee tournament success. UNLESS you are in a match situation like a FIDE KO or a tournament with a format like this year's Dortmund. Then, by never losing, you win!
I should point out that I have tremendous respect for Vladimir Kramnik as a chessplayer. He has created things on the chessboard that will stand forever as brilliancies. In a way, that makes results like his current showing in Dortmund even more disappointing. Here is this massive talent drawing eight consecutive games, four of them against players he out-rates by a wide margin.
It's not just the results, it's the innocuous games themselves. Anand, Kasparov, Shirov, and Morozevich draw too, it's the nature of the high level of the modern game. But you can see from the games that they are usually making every effort to outplay their opponent and will risk to do so instead of being 100% sure that a move cannot backfire. Today nobody plays each game to the death the way Fischer and Larsen did in the 60's. Now it's all "professionalized." Do they think the profession will last long with games like these?
Peter Leko reinvented his game a few years ago, playing risky chess after years of drawishness. Lately he seems to have backslid a bit, but it's hard to tell if he's just being cautious before his match with Kramnik. Still, seeing them play a combined 16 consecutive draws in Dortmund is painful.
Kramnik, thanks to winning some blitz games, is now in the final match against Anand, starting tomorrow. If they draw both games and Kramnik wins in rapid or blitz he could become the first player ever (?) to win first prize in a tournament without winning a single game! Then get ready to hear that old refrain, "you can't criticize the winner." Join me for a beer?
[Update: I should have mentioned some previous comments on draws in chess. Related comments on Dortmund 2003 including some by Bologan.]

UPDATE: We have posted 