To me, the Illupillow looks kind of like a stingray, or maybe a flattened squishy submarine with a periscope. However, it's actually quite a cool piece of furniture, in my opinion. The giant pillow is designed to accommodate comfy floor-sprawling, with the cordless light attached so that you can read in the dark. I'm assuming it's battery-powered. Also--I'm not positive, because the product page is in Italian--it looks like the light is flexible, so you can move it out of the way if you want to use the Illupillow for non-reading laziness.
It's a creation of designer Oliver Schick, and was on display as part of the recent 2007 Design Week in Milan, which means you can't buy it (yet). But I'm willing to guess that we might be seeing imitations sold in the "trendy dorm decor" department at Target this fall.