This is Microsoft RingCam which is an omnidirectional camera that is able to captures 360-degrees of video. It is made by putting on cheap 1394 digital cameras (640 x 480 each). Images from each camera are combined in real-time to form one large panorama pic. It will be released very soon, and it has higher resolution (3000 x 480) compare to the OmniCam.

[Via RingCam]