The term "dipole" refers to the radiation pattern, which is a figure of 8 towards the front and back of the speaker. Two characteristics are often cited as reasons for liking dipoles: less interaction with the room because of less radiation to the sides, and no box coloration -- there's no box. (You'll still get noise from the baffle if it isn't rigid though...)
On the other side of the coin (no free lunch), they "need" equalization to correct for various frequency response funnies caused by interaction of the front and back radiation from the speaker. I haven't put any EQ on these yet.
Electrostatics and Magneplanars are the best known type. Lately dipoles using cone drivers have become popular on the DIY scene in large part due to the generosity of Siegfried LInkwitz in sharing his knowledge:
http://www.linkwitzlab.com/The Linkwitz designs use quite complicated eq. My eq is going to be simpler. On the fullrange forum a lot of guys are just putting a driver on a large piece of plywood and enjoying that, that's an easy experiment if you have a fullrange driver lying around and a bit of space. 2' x 4' would work (the bigger the baffle, the less bass cancellation).
HTH

JohnR