This is the free version of 3Dmotion, i.e., some features are disabled.
3Dmotion, is a live wallpaper that features one object, that you can rotate by using your finger, and a number of objects falling behind it.
It has quite a few features, such as changing colors, sizes, shapes, and even switch the shader model or rendering the wireframe instead of the solid object.
On low end phones, I'd suggest messing with some of the settings if you're not happy with the performance. On my G Nexus it runs great with all the features turned on.