This is a pretty new feature which was added in Spring Framework 5. It enables us to interact with HTTP services, using the reactive paradigm.
It is not a replacement for a RestTemplate provided by Spring, however, it is an addition to working with reactive applications. Do not worry, the RestTemplate is an excellent and tested implementation for interaction with HTTP services in traditional applications.
Also, the WebClient implementation supports the text/event-stream mime type which can enable us to consume server events.