This is V838. It is a star that until 2002, wasn't that remarkable. Just another one in billions. That is, until it flared up to be 600,000 times brighter than our sun. Think about that for a second.
Those holes in the outer layers that get bigger? They're being physically ripped up by the radiation the star is giving off. That's how powerful it is.
This is the Herbig–Haro object HH47. A Herbig-Haro object is a patch of nebulosity associated with newborn stars. They are formed when gas ejected by young stars collides with clouds of gas and dust nearby at speeds of several hundred kilometres per second.
If you don't know how big what you're seeing is, this might help:
See that little line at the bottom? That line is 20 times the size of our solar system. Now look back at the other image.
I love space.