The special lens allows you to shoot HD video in the full 360 degrees, and then the included software allows you to play it out all in one long strip (which would be freaky if you can get your hands appearing either end of the footage…).
I thought the Flip Mino was my kill all contenders pocket video camera, but this one look uniquely fun. And if you just want to shoot straight video then you can remove the 360 degree lens and do so, as well as being able to take stills with the 5MP camera. Plus the lens swivels 270 degrees so you can film yourself or film your friends
Watch the footage on the Sony website.