This is a "wooden horse", used for torture in Japan during the 15th century's Warring States Period. These days it's used in S&M play. But it apparently won't be torturing the ladies of popular Japanese role-playing game Disgaea 4.
The upcoming PSP title is set in the Netherworld's prisons, and an early trailer showed characters on the wooden horse with hearts surrounding them. In case the S&M theme was lost on players, there were punishment options that included "bind hands", "bind legs", "talk dirty" and "force massage", among others.
The new trailer, however, shows the female on a...sabertooth cat? While "bind hands" and "bind legs" are still included as punishment, "talk dirty" is now "hubba hubba talk".