It looks like a cross between an electric guitar and a bassoon, but it is a full featured synthesizer that can sound like just about any instrument you want.
The main idea is apparently that it is light and portable, and therefore ideal for live gigs, which are becoming much more important to musicians’ livelihoods in these days of free digital downloads. It rather looks like the sort of thing that Amanda Palmer would find very useful. I know that if I had any shred of musical talent I would want one.
The BBC has a feature, including video of a band using the instrument. The official web site is here.
*lust*
(And I’m not even musically adept.)