Tim from Charles and Hudson photographed this new Milwaukee doohickey at a recent product unveiling. From the looks of it, this is an insert bit storage holder with a built-in magnetic bit holder.
Without any official information to go by, my best guess is that the bit holder is removal and can be inserted into the tool at the bottom of the tool. This would turn the whole shebang into a screwdriver!
One of the handles of the accessory looks to be able to pivot, which may allow you to also use the tool as a T-handle driver to apply greater torque! Probably not, though, if the tool is made of plastic as it looks to be.
The right handle/arm is grooved to accommodate the tips of the insert bits, with the exposed metal notches at the front of the tool serving as handy wire strippers.
Photo by Timothy/Charles and Hudson
This new photo from OneProjectCloser shows that I had been right about the assumed function of the tool.
Photo by Ethan/OneProjectCloser