Here is one that very, very similar, but slightly simpler to make:

http://www.metacafe.com/watch/983697/grazy_toy_from_1_4_piece_of_paper_a4/ 

Reminds me of this Tetra-tetra flexagon book:

http://www.mathnstuff.com/papers/tetra/tetra.htm

 Quite fun!

Yes, but this distraction is educational...at least that's what you can tell yourself while making it! ;)

Oh great, another way for me to distract myself from what I should be doing. :)

Chuck Hoberman (as in the Hoberman sphere) would be proud. Good find...