This thing looks like a bit much to be toting around all the time, but damn this is cool. Essentially, this is a cluster of cameras arranged around a ball. You toss it in the air, and when it reaches the top of its arc, all of the cameras fire simultaneously, resulting in a detailed panoramic image. The only way for this to make any sense of this is just to watch the video.
Unfortunately, this is not commercially available as of yet. According to the developers site they are seeking investors to produce these. The cool-factor is so high on these that I think something like this would be a nice look for a Kickstarter project.