It's called the "Pipsqueak", and I love it. I wanted a water piece that was very small, but I didn't want to buy one of those inline hydrotubes that are often proprietary to a specific device and sometimes spill water into your vape.
So this is a perfect solution to that. It's simpler, easier to clean. Basically just a much smaller version of a traditional bong. Sneaky Pete sells one.
As long as you don't fill it up too full (like, no higher than what's shown in the pic) then it works great and you also won't get water in your mouth... for the most part, at least. It's not perfect, but it's pretty effective. Yeah, the crook probably helps a little bit.