It's a laynard that hangs around your neck with tabs on it for each ride that uses the FP system. It is good once for each ride and for one park only, the one that you won it at. Google "Dream Fastpass" for a picture of one.
The dream fastpass is awesome. My family was fortunate to win one on our trip. There is nothing like skipping to the front of the line at Buzz Lightyear when the line has over an hour wait time!
I was so happy to win a Dream Fast Pass at the MK!
It's a lanyard that has tear off tabs for each of the Fast Pass attractions in the MK. By winning this pass, you get to skip the whole process of getting a FP ticket, waiting for your return time to roll around and then ride. With the Dream FP, you just RIDE.
Of course, if you want to double the fun (like I did) still get the regular FP and use the Dream FP and you can ride each twice!
The Dream Fastpass is an awesome prize to win in the peak season. In the offseason you don't really need many of the tabs, but right now the lines are loooong so it is great. I won one at Epcot a few weeks back, and it was worth it just for the Soarin' tab...the rest were just gravy.
Each dream fast pass has a tab for each fast pass ride/attraction in the park it is in won in. So an Epcot dream fast pass is not usable in Magic Kingdom as it has no tabs good for attractions in Magic Kingdom. The tabs and fast pass are all dated for that day and are only valid that day. Just like a paper fast pass, you need to turn in the tab when you use it. If one person in your group of winners uses the all the tabs good for a single attraction, each person uses their own tab, or you pass them on to someone else it doesn't matter. Simply that each tab is valid once a day.