"Someone @ snowpeak hacked Bill's brain!"
No, the Penta Tarp has been around quite a while now. I've had mine since 2001. The inner tent and removeable awning are new, however, only coming out a year ago.
The Penta was originally designed for kayakers camping on beaches (it even comes with a separate sleeve to accommodate a paddle for use as a pole). It is HUGE! However, the shape allows for all sorts of configurations, from a two meter tall pyramid with one side missing, to a low, wide wing that can sleep four, to a tent awning like Bill's, to a bat-like A-frame. My only gripes with the design are that it has no provision for a front door and the catenary cut sides are a little too deep. The material is a 75D polyester (doesn't stretch) impregnated with silicon on one side and the other side covered with polyurethane. It's very strong (much stronger than the usual silnylon), but also quite heavy.
I liked the design so much that I used the pattern to design my own Lunar-Solo-like tent about a year before the Lunar Solo came out, cutting down the dimensions for one person, making the catenary sides shallower, and adding doors to the open side of the pyramid. Alas, it is still too big, so one day when I have the time I want to cut it down still further.
The original Penta itself I have few occasions to actually use. It is just too big and heavy for backpacking, and I don't go camping with enough people usually to justiify bringing it on my trips when I am not alone. If Snow Peak would make a smaller version they would have a wonderfully versatile and strong tarp on their hands.