i saw this on the show "big bang theory" and i found it pretty awesome!
it apparently folds your cloths virtually wrinkle-free in a series of flips!
i'm not certain how it works exactly but i intend to find out. it also has a very high customer satisfaction rate (based on 22 reviews).

here is some of the product description on amazon.com:
"Less wrinkles, Less clutter ... More Organization! The steps are in the name... just flip, flip, flip and fold. It's that simple! Folding laundry will take less time, and you'll get perfectly folded clothes every time! Use Flip FOLD on almost anything. It works on any shirt including long sleeve shirt, short sleeve shirt, tank tops, button down shirt and collared shirt. Use Flip FOLD for folding your pants, shorts, skirts... even towels and sheets! Turn your messy closet into a neat display and overstuffed drawers into the organized fashion you've dreamed of."