[glassmonkey]

1) What is this new product? Where is it used?
iFi Pico iCAN with active noise cancellation
 
2) What is the first button for – the one on the main barrel (on the left)?
3D Holographic Sound/XBass
 
3) What is the second button for – the one on the 3.5mm connector (on the right)?
XBass/3D Holographic sound
 
Active noise cancellation eliminates crappy interference coming from your phones crappy digital innards, amplification boosts the cleaned up headphone signal. This makes it so you get sound so clear out of your phone that you might scream at your DAP manufacturer for charging you more than the £99.99 that the iFi Pico iCAN is priced at. AK380 owners will mourn their modern art brick's price, for about 3 seconds, and then they'll buy the next AK player, one made out of melted and folded tantos from disgraced samurai....
 
We call it the mobile awesome-o-fier round these parts.

 

[Narayan23]

1) AMP/DAC to use with mobile phones
 
2) First button is for the 3D feature
 
3) The second button is for gain setting

 

[Fink24]

1. I think it is a volume attenuator (for headphones with high sensitivity for example)
2. Change -X db rating
3. Balanced or single ended switch

 

[Suraki]

1) What is this new product? Where is it used?
It's an attenuator. Between headphone/mic and Amp/source
2) What is the first button for – the one on the main barrel (on the left)?
Headphone output level switch
3) What is the second button for – the one on the 3.5mm connector (on the right)?
Mic input level switch

 

[mp101]

Hmm lets see.
1) What is this new product? Where is it used?
Driver for hard to drive earphones & mic adapter?
2) What is the first button for – the one on the main barrel (on the left)?
Mic on/off
3) What is the second button for – the one on the 3.5mm connector (on the right)?
iOS/Android switch

 

[mp101]

Hmm lets see.
1) What is this new product? Where is it used?
Tiny Boost Amp, taking 2v from sleeve?
2) What is the first button for – the one on the main barrel (on the left)?
Boost level?
3) What is the second button for – the one on the 3.5mm connector (on the right)?
Power?

 

[glassmonkey]

1) What is this new product? Where is it used?

 
2) What is the first button for – the one on the main barrel (on the left)?
Who you gonna call?
 
3) What is the second button for – the one on the 3.5mm connector (on the right)?
Ladies or menfolk Ghostbusters

 

[Bansaku]

Wow, almost missed this! Ok here is my one and only guess as to what this fandango dongle is. I have NOT read any other posts (though will after) because where's the fun in that? I am going to assume that given iFi's product line-up is that many Head-fiers will be guessing "XBass" and "3D" or even "gain", but given that the device has no power ports for charging (at least none shown) both those options may not be possible to achieve passively. Anyway:
 
1) What is this new product? Where is it used? It is a dongle to be used with portable devices such as DAPs, smart phones, and portable amps. It is designed to eliminate any potential noise/interference. 
2) What is the first button for – the one on the main barrel (on the left)? The button on the barrel is to activate a filter to diminish the hiss for sensitive headphones. i.e. IEMs
3) What is the second button for – the one on the 3.5mm connector (on the right)? The button on the connector is to "kill" the mic/control talk feed, thus eliminating any potential feedback/noise.
 

 

 

[namhkim]

1) by the look of its size, I don't think it's an active (battery operated) device, unless ifi uses special battery. So my guess is its a variable impedance augmenting device (I.e., a two step attenuator (barrel part). Also, by the look of the 3.5 TPRS connector with a switch (90deg connector), I think it's a TPRS/TRS changing device as well. (Sometimes, TPRS connected to TRS device gives a howling sound due to the mismatched/floating ground signal.)
2) So the barrel switch is the two levels of attenuation/impedance selector.
3) the other switch is the TPRS/TRS selector for it to be used by mic device or without mic.

I'm a huge ifi fan, Pick me please!
Here is my full ifi setup photo: ifi iDSD+ iTUBE + iPower + iPurifier in iRACK, connected to my PC via Gemini and Mercury cables!

 

[mp101]

1) What is this new product? Where is it used?
Balanced Headphone adapter, 
2) What is the first button for – the one on the main barrel (on the left)?
Impedance switch
3) What is the second button for – the one on the 3.5mm connector (on the right)?
Single ended/balanced switch

 

[iFi audio]

People are definitely homing in like a beacon....

 

[Faber65]

mmmmm....
 
My second guess is:
 
1) Amplifier and DAC
2) Built in microphone
3) on-off
 
.... Maybe.... or maybe not...

 

[Turrican2]

1) 'smart' impedance adapter
2) switching from 12 or 24 ohm resistance
3) pass though selector for android or iPhone remotes on the headphones

 

[boneofimba]

1. Impedance adapter
2. Impedance selector.
3. TRS single ended or TRRS balanced selector

 

[CoffeeDog]

It's for adapting a stereo headset for use as a communications headset with a cell phone.  The button on the barrel is for impedance matching, and the button on the 3.5 mm male end is to switch the mic on and off.