Is it a virtual "pet"? I would say, no. It's more like a fashion accessory. Firstly, it is shaped kind of like a vintage Polly Pocket compact, and when you open it up it has a little mirror inside. So you really could carry it around and use it as a compact mirror, albeit it's a little bit heavy for that. That said, it has some features that involve a pixelated sprite type character. Basically, you use the buttons (which are shaped like different types of makeup) to customize a little sprite. It's pretty cute and probably more suitable for a little kid who doesn't understand how to raise a pet. I don't really remember much else about it, so I'll leave it at that and update with a more thorough review later.

Here are some pictures of the one my sister gave me:

Price:

From what I'm seeing on Amazon and eBay, the Nano Salon tends to run for about $35-45 in package. That seems about right to me since it's sort of a rare item.

Growth and Character Charts:

I don't believe this "pet" grows at all. I assume you can customize it to look how you want depending on the options available, so there's no particular way things "should" look :)