Aw-e-some.
Lounging Pillow (thanks UberGizmo)
Just thinking about all those stereo effects that I've never heard while trying to be comfortable because the pillow blocked out half of the goodness makes me weep. Of course this doesn't quite explain how the material would be rigid enough to hold the shape (and keep the holes open) yet still be comfortable after I lay my giant melon down on it, but I'll leave that as an exercise to the reader.
Here are some pictures of it in action (thanks Coolhunting)