This is MSI E350IA-E45 Mini-ITX motherboard. Under the stylish fansink unit is the AMD 'Zacate' E-350 Accelerated Processing Unit (APU), and the Hudson-M1 chipset.
As depicted in AMD's marketing material, a simple machine had to be built with several components, including a motherboard with a northbridge chipset (and southbridge chipset), a drop-in processor, and also a graphics add-on card. With the APU, you get the northbridge, CPU and the graphics chip in one tiny package.
The E-350, part of the 'Zacate' family of APUs, is manufactured using a 40nm process and has a low TDP of only 18 watts. Originally designated for mobile computing applications, th sheer amount of space saved prompted motherboard manufacturers to introduce desktop Mini-ITX solutions based on AMD's new Brazos platform.