It's a GoKnit pouch! You put your ball of yarn in the bag, thread the yarn through the loop, and put it on your wrist or belt loop. So great for knitting on the bus or subway, no more worrying that the ball of yarn will jump right out of my bag! This idea isn't exactly new, but this version of these pouches is super light-weight (it's made from ripstop material) and comes in great colors -- the ones I'd seen in the past were very bulky and heavy, this is an improvement. We just got these in today, this is our first TNNA order to arrive, and of course I already bought mine. They come in nice bright colors and it's only $18, so of course I had to have it.
I just finished a bolero today, will post pictures later. Off to try out my new pouch!