That's the Spector, a friendly-looking handheld tool for detecting both fonts and colors. The pleasing shape looks as if it could have come out of Braun's archives. As for what it does, the user places it over a physical piece of media, like a book page or magazine article, and it scans whatever letters are within its field of vision to reveal the typeface, font size, kerning, leading, and where said font can be purchased. It also scans colors, returning their specific RGB/CMYK/Pantone values.