Its a kids Christmas elf.
My kids have theirs for the 2nd year this year. Its supposed to be about the elf watching over them till Christmas and the Elf goes back to report to Santa every night. Every morning the Elf is in a different location so the kids have to find it. They cant touch it because it will loose its special powers and not be able to get back to Santa and no gifts will come.....
with that said I wouldn't be able to sneak her(ours has a girls name) out except for at night.
Its cool to see my little ones search the house for her every morning and watch them react if they start acting up, the other to kids will say something that the Elf is watching.....its cute.