This stance is the general ready position for all kata and most drills. It is meant to approximate being ready from a standing position.
In this stance, the feet are shoulder width apart, with the outsides of the feet pointing straight forward. This means that the inside edges of the feet angle slightly in toward the front. It could also be said that the feet are slightly "pigeon-toed."
The heels are very slightly raised so that the weight rests primarily on the balls of the feet. The correct amount to raise the heels is enough so that a sheet of paper could be slid under the heels. This position is conductive to quick action.
The legs should be slightly bent with the hips pressed slightly forward and rotated upwards. The abdominal muscles should be slightly tensed.
The back and head should be held straight, and the eyes should be focused forward. The hands should be closed into fists and held in a loose, comfortable position in front of the hips, approximately one to two fist widths apart (some clubs prefer more or less, but this is a general range).