You'll get a lot of information in Enough With The Rainbow Tables: What You Need To Know About Secure Password Schemes or Portable PHP password hashing framework.
The goal is to hash the password with something slow, so someone getting your password database will die trying to brute force it (a 10 ms delay to check a password is nothing for you, a lot for someone trying to brute force it). Bcrypt is slow and can be used with a parameter to choose how slow it is.