A TRIBUTE TO SEGA DREAMCAST
Gathered from around the web by PKP
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 TREAM(A)CAST - THE PORTABLE DREAMCAST
 pictures (c) Mark Naninck - thanks!

Yes, it's a portable Dreamcast, kinda. You still need power, since there's no battery (there is however a car adapter). Actually, it's 'just' a modded DC and a PS1 LCD screen put in a case by some pirate company in Hong Kong, but still ... sure is a sweet sight for a Dreamcast fan. The display and the and the plate on the back say 'Treamacast' with an A in the middle.

Everything comes in this neat bag, and they even went through the trouble of making the DC logo square! Inside the bag are : The Treamcast console, a remote control for VCD/MP3 playback, a PSU /w US plug, a car adapter and two pad controllers.

Quite a neat package. The machine is a modified US Dreamcast (region free).
About twice the height though (naturally because of the display)
You can also see the speaker holes there.

The controller is more like a Megadrive/Saturn one than a Dreamcast one.

The remote control, IR unit and software for playing VCDs and MP3s.

The PSU, which clearly tells you that it's a PS1 LCD display in there.
Sega has officially announced that Treamcast is an illegal product (and who can blame them). You can still buy them if you have contacts in Hong Kong, and from a couple of places online. Prices are around $250. In Hong Kong it (at least used to be) is between HK$1200 - 1500 (about $190).

There's also Treamcast branded VGA-boxes and some other peripherals.
Thanks also to God-Zilla for some info.