This is the Color Picker Pen, designed by Jinsun Park, and what it does is simply amazing.
It is able to scan any color from any material, just like the eyedropper tool in Photoshop, and replicate its color through the electronics inside the pen. It will then automatically combine the RGB ink cartridges inside so you can instantly use the color acquired for your design needs.
This pen could actually replace all my coloring materials I'm currently using. Goodbye to my Colored Pencil Set and to my Watercolor Paint Set.
I can imagine using just this pen to manually render my designs on paper.
Although this pen is currently just a concept, I can't wait for this to be in production and to actually acquire one myself.