It is not clear from machine translated reports whether this is software, hardware or both, but my impression is that it is both. The price in Yen appears to be about $600, available on December 22 (in Japan?). Someone who reads Japanese could clarify all this.

There is a brief report in English at: http://www.akihabaranews.com/news_details.php?id=12962

Looks like it converts AVC-HD data into Canopus HQ data. Sort of like the Cineform workflow for HDV.