On a digital camera iris is an adjustable aperture used to control the amount of light coming through the lens. The more the iris is opened, the more light it lets in and the brighter the scene will be. Camcorders may also have an iris that works in the the same way as one on a digital camera. However, as you adjust the iris you see the brightness change in the viewfinder.
Webopedia's Quick Reference: The Digital Camera Picture If you can't keep up with advances in digital camera, you're not alone. We help you make sense of megapixels, zero in on the zooms (digital, optical and total) and delve into everything from price points to paper to printers.