This one was an exercise in form and layout. I just started sketching one form and adding other forms and details until I got something that looked like, well, something. I then added the side view, background and call-outs. I started to do a closeup view of the lens thingy on the front but didn't like the way it was looking so I abandoned it.
Oh, and I don't know what it's supposed to be, that's half the point. If you think of something, post it in the comments, I would love to see your ideas.