Ususally it is used in American English as "what is it about?" or "what is the topic?" For example,
boy- "I don't want to do this history work!"
girl- "what's it on?"
boy- "World War I."
It is a common slang :]
2011年3月23日
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What's on the television?
What's on the menu?
What's she prattling on about now?
What's the skinny on the tower clock?