Ending the turn this way means the following things happen in order: 1) All spells and abilities on the stack are exiled. This includes spells and abilities that can't be countered. 2) If there are any attacking and blocking creatures, they're removed from combat. 3) State-based actions are checked. No player gets priority, and no triggered abilities are put onto the stack. 4) The current phase and/or step ends. The game skips straight to the cleanup step. 5) The cleanup step happens in its entirety.