It looks a lot like what the Fractal flame plugin used to do...
AEFlame is a very old freeware plugin of the fraxflame algoritm, still find it on the nets via google,
but it doesn't work with CS, I think the last officially supported version was 5.5 yikes... old.
Some people seem to suggest running it under rosetta in osX might work for CS versions, but I doubt it.
I remember Flame was very slow, had about a 100 parameters that made nosense whatsoever, so you just tried random values untill something cool happened. Check out the electric sheep screensaver for some cooler examples.
However, I think you can achieve very similar things with a few trapcode Form instances, one of the exampes on their site reminds me of this circular thing.