Hmm, zipline speedometer would be fun, but I doubt it. Hard to make out details in the pic.
The ribbon cable doesn't seem to be connected to anything that can store data, so I guess it goes to a display. Yes, those white things look like large LEDs.
The red and green lines look like they could be ethernet cables. That it has a PCB with chips indicates it's running something simple, and in that position I doubt it's a slim client for anything.
It puzzles me that the electronics are exposed to the elements, so I guess it's either not meant to be hung out in bad weather, or is some kind of prototype.
It looks like it's meant to capture and display information on something: I guess a sensor for humidity, pollen, or the like... or maybe it detects data transfer along those lines and acts like a set of modem lights, and it being hung in midair is a complete red herring. Hmm, a jury-rigged wireless bridge, maybe?