It's the Furby.  I remember these when I was younger.  They're cute, furry and make funny noises.

A spokesperson for The Toy Insider, says she doesn't think Furby will be as hot as Tickle Me Elmo but some stores are sold out.  The Furbys in these various colors - black, white, blue and aqua are in sshort supply on Amazon.

Did you get a Furby?  Are you planning on buying one?