The famous sci-fi author Vernor Vinge originated the concept of the technological singularity and offers one of the best descriptions of this potential event:
"It seems plausible that with technology we can, in the fairly near future, create (or become) creatures who surpass humans in every intellectual and creative dimension. Events beyond this event—call it the Technological Singularity—are as unimaginable to us as opera is to a flatworm."
I just discovered a talk from way back in 2007 that he gave on the topic "What If the Singularity Does NOT Happen?". Still highly relevant and very interesting.
