What the KNIT is THIS?

I heart Knitty.com. They have some great patterns and excellent how-to's, as well as a dedicated community of knitters. In the past I have made several items from Knitty's pattern archives, and there are more I have my eye on.

Sadly, this is not one of them. I only ask, what would one DO with a hat like this? Elf is SO last season!