Describing the time from the formation of the earth, nearly 5 billion years ago, to the start of the Cambrian period, around 541 million years ago. The term ‘Precambrian’ is no longer used for a specific geological time interval, but remains as a general adjective. Precambrian time is now divided into three eons: Hadean, Archaean, and Proterozoic, the latter extending to the start of the present (Phanerozoic) eon. Fossils are rare, although stromatolites indicate that there were flourishing populations of cyanobacteria and other bacteria. However, subsequent metamorphism of Precambrian rocks makes correlation of rocks and events extremely difficult. The largest areas of exposed Precambrian rocks are the shield areas, such as the Canadian (Laurentian) Shield and the Baltic Shield.
http://www.ucmp.berkeley.edu/precambrian/archean_hadean.php Perspectives on Precambrian time provided by the website of the University of California Museum of Paleontology