Sleeping in the bear skin bedroll provides a warm bonus of 12 degrees Celsius, making it by far the warmest place to sleep.
It can be harvested for one cloth and one cured black bear hide. Harvesting takes one and a half hours.
It is implied by its description that the bedroll can prevent animal attacks while sleeping, but in fact the bedroll only has to be present in your inventory (or on the ground). Wolves will have a chance of fleeing in fear when they smell it, the same effect as the wolfskin coat.