That's the London 2012 Olympic Torch, which the Design Museum has declared its 2012 Design of the Year award winner. Not a bad result for a glorified cigarette lighter.
Design Museum director Deyan Sudjic said, rather optimistically: "The 2012 Olympic Torch is elegantly designed and is a triumph of symbolism and beauty, the lightness and simplicity of the torch not only captures the spirit of London as Olympic host city but also demonstrates how design can celebrate traditional qualities in a modern manner".
It's also like all the other Olympic torches. Olympic torches haven't really moved on in terms of looks or functionality over the last 100 years, have they?