This isn't exactly a surprise, as Strange has been on the known "wish list" for Marvel Studios' (alongside Luke Cage, Black Panther, Iron Fist and others) post-"Avengers" slate for awhile. Still, it's pretty awesome to read Twitch's report that they've accepted a script and are actively working on it.
Short Version: Steven Strange is a brilliant-but-crazy-arrogant surgeon (so yes, "Doctor Strange" is actually his PROFESSIONAL title even before he had powers) who screws up his hands in an accident and can't do surgery anymore. Seeking a magical hand-cure among Tibetan mystics, he saves the life of an ancient wizard and winds up drafted as the Sorceror Supreme. Even Shorter Version: "Venture Bros." Doctor Orpheus, only played straight.
So, it's "House" crossed with "Harry Potter," basically.