Leonids are bits of debris from Comet Tempel-Tuttle. Every 33 years the comet visits the inner solar system and leaves a stream of dusty debris in its wake. Many of these streams have drifted across the November portion of Earth's orbit. Whenever we hit one, meteors come flying out of the constellation Leo.
The Leonids are famous for storming, most recently in 1999-2002 when deep crossings of Tempel-Tuttle's debris streams produced outbursts of more than 1000 meteors per hour. The Leonids this year won't be like that, but it only takes one bright Leonid streaking past Mars to make the night worthwhile.