So its a Sherry Cervi dogbone bit.
Heres a link to it:
Sherry Cervi Diamond Lifter Short Shank Twisted Wire DogBone - The Tack Stop
A friend of mine uses it on her barrel horse because she has a sensitive mouth. I'm not a bit expert and I've no experience with this bit, so I am not sure entirely what to respond to it. I was reading about bits the other day and she goes "Does it mention my bit?" and the article didn't, so I figured I would post a thread and ask you all what you thought about it.
And here's the picture itself: