We're not sure what it is, but the "BMW product" (as it's being called by its creators) is pretty intriguing. The mystery gadget can supposedly play MP3s, DVDs, and comes with a 65k color LCD. There's no GPS navigation, but there is Bluetooth and voice recognition. Design-wise, it doesn't look like it's meant to stay inside your car. It kinda reminds me of a rectangular Philips ShoqBox for some reason.
As far as availability...
BMW plans on releasing the "product" later this month. Feel free to leave your guesses in the comments section, though my initial instinct is to think that it'll be some overpriced MP3/video do-it-all player.