SPIR-V is a new spec developed in tandem with Vulkan. It's an update to SPIR 2.0, which was finalized last August.
SPIR has previously been Khronos' intermediate language for compute shaders, used for harnessing the GPU's power for non-graphical workloads using the OpenCL API. It's analogous to the Direct3D shader bytecode, but for compute tasks rather than graphics ones. It's useful for similar reasons, too. OpenCL supports developing these programs using a C-like language, but this is complex for OpenCL drivers, as it means that they must support compilation of that C-like language. Further, many developers do not want to use C.
SPIR provides a solution. Compilers can emit SPIR intermediate code, and drivers can process that directly. This avoids both the complexity of supporting the C-like language, and it gives developers much more flexibility: there are, among others, JavaScript, C++, Python, Java, and Haskell-based languages for writing these GPU compute programs, with the compilers producing SPIR code.
SPIR-V unifies graphics and computation. Both OpenCL 2.1, also announced today, and Vulkan will ingest programs in SPIR-V intermediate code. These could be graphical shader programs originally written in GLSL, they could be computational shader programs originally written in OpenCL C, or they could use alternative development languages; they'll all be compiled to SPIR-V. As such, display drivers will only need to handle one shader language.
http://arstechnica.com/gadgets/2015/03/khronos-unveils-vulkan-opengl-built-for-modern-systems/