Emeril calls it the "boat motor" but it is really just a stick blender. It is a real time saver. You don't need to pour sauces, soups etc into,the blender anymore. Just plug it in and stick it right in the pot you are cooking in.
I use mine for smoothies. They make batter operated ones but I've never tried them.
Example: you can turn pinto beans you've just cooked into refried beans w the same pot. Just add cooking liquid until they reach the consistency you like. Also good use of chilis to spice up beans. Not as powerful as food porcessor or as fast as blender but much easier to clean.