This is a Bistable Fluidic Logic Element. Its operation is described in a US Patent issued in 1974: http://www.google.com/patents?id=tZAzAAAAEBAJ&printsec=abstract&zoom=4#v=onepage&q&f=false

The final design will be usable for fluidic logic circuits. This gate can be used as both a memory element as well as logic element in digital logic circuits. It will be possible to combine many of these fluidic logic elements into one large integrated digital logic circuit that can be printed by a 3D printer.

It is currently a work in progress and this printable version has not yet been demonstrated to work.

Anyone who can help is encouraged to check out the github repository with the OpenSCAD source code: https://github.com/hardtoe/Printable-Fluidics