Works the same as a normal ssd. I got a 500 Gb 960 Evo for my new Ryzen build.
Approximately 7 or 8 times faster read speeds, 4 or 5 times higher write speeds than my 850 Evo regular ssd.'
They use the PCIe lanes to achieve this. Just like your graphics card, The mobo maker will have hard wired a 4x PCIe connection to the M2 slot. The use of PCIe lanes to support ultra fast drives is one reason the PCIe lanes or lack thereof on the new X299 platform is something people are talking about on the tech channels.
I plan on using mine as a boot drive, and installing my 4 or 5 most played games on it.
My 840 Evo 500Gb that I currently have is almost 3 years old, so it will be repurposed as a secondary drive, for less played games, and ones not sensitive to loading times.
With these becoming more prevalent, having a normal SSD is easily possible even on budget builds, and the M2 NvMe ssd's for higher end builds.
There are also M2 slot SATA ssd's I do not know pricing on these, but since they use the SATA 6 connection they are only "about" as fast as a normal SSD.
You would need to look at the exact spec of your motherboard to know if the M2 slot on yours is NvMe or SATA.
* The above is a quick and dirty explanation for the OP.
Those with superior knowledge of this subject are encouraged to add or correct as needed
I believe the other fellow is right about the 16GB module you saw being an Optane memory module.
Optane is an Intel proprietary memory, meaning it can only be used on very specific motherboards and cpu'd.
According to benchmarks I have seen, it works best as a super cache drive for regular platter drives.
I do not think it is intended to be used as a boot drive in the way you mean. Although this "may" be possible.
Optane greatly speeds up the performance of systems with normal platter drives. The gain when paired with a decent SSD is not nearly as noticeable. Again, that info is from early benchmarks and reviews I read.
The tech is pretty interesting, and may lead to some idiotlicly fast main drives in a few years.