This is a PMP device named as the Sega Vision. According to official statement from SEGA, the Sege Vision is a real device but it’s not a gaming device. Instead the Sega Vision is a MP4 PMP player that comes with some basic gaming functions. It’s NOT a new handheld gaming machine.
The Sega Vision is basically a portable media device that features integrated TV tuner, movie and musicp player, digital camera, video camera, e-book reader, voice recorder and some casual games (or emulators?).