Yes........it has been discussed in great detail here.
Also known as "**** sauce" in culinary circles due to the rooster on the label (and also due to the need to be vulgar).
It is made from over-ripe red jalapenos, garlic, and sugar.......by Huy Fong foods in Rosemead, CA.
In my opinion, this sauce will soon be a staple condiment and a household name......like Tabasco or Red Hot.
It is an excellent sauce.