Carl Archambeault, the creator behind this, crammed an LCD screen into this monster, with the joysticks and face buttons of a 360 controller into it, with extra buttons for media control. There's nothing on triggers/bumpers, but I wouldn't doubt it if they're on the back. Quoting his coroflot page:
Project was to design a hand held gaming device that would combine the gaming power of an Xbox 360 and the music and video power of the Microsoft Zune
This make me think back to the Zune HD rumor that came out about the Live Anywhere software that would be built into the Zune, allowing access to a portable version of Xbox Live, with access to your XBLA games to play. I'm down for that.