In a nutshell, its a radio control ball that is super durable and waterproof.  You control it with your touchscreen using an app on your iOS or Android device.  You connect to it via bluetooth and point on the screen and go.

I tried it out for 10 minutes at CES and I was sold.  This is fun, fun, fun.  I can't imagine many people not picking it up and playing some games (there are a few out) or running through some obstacle courses with friends.