Small portable handheld from Lavod, which makes low end Mp3 and personal media players. The gimmick here is this handheld is intended to be a cheap Mp3 player that also plays games. Each model has a number of built in Sega Master System games, the 320 with 20 and 350 with 10. This acutally looks like the generic version of the Coleco Play Pal although there are a few differences, most noteably each has a SD and USB connection.
Not much info on what the hardware inside is, but it's probably safe to assume an emulator of somekind is used. It is not known if it's possible to play your own roms via the SD card. Should retail for around $40-$50.