Hasbro's team of geniuses this year out did themselves my marketing a game based off a cup and a ball. I too fell for its artsy charm, and the fact that I needed a quick "easy" game for a work related holiday party. It's not too overpriced, most stores had it around ten dollars (although I got screwed out of $17 because I was in a hurry). You can find it in three styles; El Campeon (pictured), Let it R.I.P., or Gorillanator.
The cup is electronic, and when you sink a Ping Pong ball, it lights up and makes a sound effect. It comes with a variety of card challenges to play. Most are pretty hard, even harder, or down right impossibly hard. The number on the card indicating how many shots you have before the next person gets a shot.
For the most part it was fun and we played with it lightly. Here is a clip of my boss playing... Just Kidding. It didn't all end up happy though, someone at our home Christmas party mistook it for a real cup, and filled it with water then placed it in our kitchen sink. Really?! Now mine has a ring of water damage on the lower graphic, but it does still play thankfully. So I guess it might survive a quick game of Beer Pong.