Kami's Lookout can be described as a hemisphere with hues of red, turquoise, and yellow with a white top. On top are eight rows of trees, and Kami's palace building with a portal to the hyperbolic time chamber.
The lookout is at coordinates 80 220 60. It will be recognizable as soon as you can see it. It is above Korin's tower.
Kami is the Namekian in front of the building on Kami's lookout. He acts as a teacher, allowing the player to unlock Jump, Dash, Fly, Potential Unlock, and Endurance.
He is also currently the only NPC who can reset your character, allowing you to access the character creation menu once again without creating a new world. Doing so will remove all your spent EXP and TP, as well as skills which you will have to learn from Kami or Korin once again. Additionally any ki attacks and unused TP will be not be lost.
Hyperbolic Time Chamber: Edit
The hyperbolic time chamber is a room based off of the show. It is one of the two natural training areas in the game, the second being King Kai's world.