Event sourcing is a data persistence technique where all changes to an application's state are stored as a sequence of events. This allows the entire state of the application to be reconstructed by replaying the events in order. Some key benefits of event sourcing include capturing business intent, providing an audit log, and allowing the data to be rebuilt into any data model. However, it also has some drawbacks such as requiring multiple data sources and models, dealing with versioning issues, and potential performance impacts.