This is a flat pencil-case style zip top bag that was an exclusive release with the bonus pack version of Team Sonic Racing game.
It's all blue, and 2 sided. It has "Sonic Speed" written on one side, with Sonic's face in the "o". The other has "Dark Speed" with Shadow's face in the "a". Both sides have the game's logo in white & 'water mark' style graphics in the background overlapping with the big block text of the words. It's a neat looking bag with good thought put into the design so fans of both teams can be happy.