In an ideal world, this would be a jet-propelled butt-cradle. However it's not, it's actually a combination chair and music system by designer Gianni Pedone, part of the Morfonauta collection going on show at Milan Design Week 2009.
Audio is provided by an integrated CD/MP3 player, with speakers hidden in the arms of the "Morfojet" chair. According to the designer-speak description, the chair "alludes to some aerodynamic shapes" and prepares us for "a ghostly journey through the world of music and video."
Personally, it just reminds me how much I want a personal jetpack, but I suppose I could find lounge-space for the Morfojet in the meantime. Sadly it's a case of "price on application", which usually means it's well out of the price range of a humble blogger.