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It's a hat! ... Except it's, uh, not?
Proof
http://www.tf2outpost.com/trade/25136809 .88 unsold
http://www.tf2outpost.com/trade/25127660 .88 sold
http://www.tf2outpost.com/trade/25148183 .77 unsold
That's it (sans some poorly bumped trades).
It's an invisible hat that makes you look like you have no hat on
"That hat is a spy!"