"The vest inflates when friends 'Like' a photo, video, or status update on the wearer's wall, thereby allowing us to feel the warmth, encouragement, support, or love that we feel when we receive hugs. Hugs can also be sent back to the original sender by squeezing the vest and deflating it."
Via Jezebel via New York Magazine, both of which seem to assume it's a real device intended seriously. I say seem because I acknowledge the possibility that Jezebel and New York Magazine have a drier sense of humor than does Melissa Kit Chow. Judging from the clunky sarcasm Jezebel and New York openly aim at Chow, I'd say the possibility that there's an underlayer of subtle humor is low.