This is the Lippi Selk Bag.  The following is from the website:

The Lippi Selk’Bag is a revolutionary new sleeping bag system which allows you the maximum mobility you need whilst keeping warm. This new concept retains the functionality of the traditional sleeping bag; it’s FUN, COMFORTABLE and MOBILE!

1. Move your legs and arms apart freely
2. Roll with your Selk’Bag, not in it
3. Stand without any trouble, walk, cross your legs and your arms, thanks to its reversible zippers. 

I think it looks like a sleeping bag.  I know for a fact that we’d have a hard time getting our kids out of it.