It's basically a thread that started b/c people were wondering why they hadn't seen pics of Tom Cruise's baby (oh, along with Katie Holmes)
It took off pretty fast and now they're holding like a vigil until they see a picture (all in jest).
Most theories are that the baby was made up, or Katie was never really pregnant.
There are also the theories that there is something wrong with the baby.
And of course the wacky Scientology theories that say the baby should be only eating certain (non real baby food) and kept away from it's mother for the first months of it's life.
Ah... but don't forget the alien theories!!