Hopper

The Hopper is a block planned to be added in the Redstone Update. It will connect to face of the block it is placed on. If an item falls on top of it, it will store it in its own internal inventory of five item slots. The same goes for any container placed on top of the Hopper: It will take the items into its own inventory. If the block its connected to is a container with inventory slots the hopper will transfer items from his inventory to container's at rate about 4 items per second. Notable is, that the hopper also recognizes minecarts with chests and minecarts with furnaces, due to the fact that it is still WIP and bugged. For example if a furnace minecart is directly under it and the hopper has items in its inventory, it will try to put them into the furnace minecart, but it actually deletes them.

Trivia
A hopper is a type of chute used in industrial processes that incorporates a limited storage capacity.

Gallery
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