This concept is a lightsaber for the visually impaired. It isn't meant to be used as a close combat Jedi weapon, however. Instead, it's supposed to replace the traditional mobility cane with something way more useful and awesome.
The 'Eye Stick' "uses rays and ultrasonic sensors" to measure the distance between you and, say, a wall or a set of stairs. It's intended to be used in place of a cane or other walking stick, providing a much longer range picture of the user's surroundings. Here's designer Kim Tae-Jin's description:
Eye Stick reinvents the traditional cane. It uses ultrasonic waves to reliably measure distance, unaffected by rain, fog, or other climate problems. Projected light is used to prevent collisions with other pedestrians. The ultrasonic system delivers information about hazards such as barriers and changes in floor level, detecting them in advance. Eye Stick also offers another function. It can obtain information about products, for example, by automatically scanning barcodes through a camera. The information is sent through a Bluetooth connection and converted to voice.
It seems like this would be extremely useful during shopping trips, although curious passersby might slow you down with questions about your 'smartcane.'
Via Yanko Design