I'm not entirely sure what this is, really. A TeleOctoscope is what the maker calls it. What I am sure of is that this is one of the coolest builds in all of the Second Life 7th Birthday regions. Go. Go now (SLurl). Grab the freebie. Follow the instructions. Have a great time.
The Destination Guide (Web) has other great places to visit at the party (search for SL7B) and elsewhere in-world.