V4334 Sgr (Sakurai’s object) is an enigmatic evolved star that underwent a very late thermal pulse a few years before its discovery in 1996. It ejected a new hydrogen-deficient nebula in the process. The source has been observed continuously since, at many wavelengths ranging from the optical to the radio regime. In this paper we evaluate these data and discuss the evolution of this object. We reach the conclusion that we have seen no evidence for photoionization of the nebula yet and that the spectral features we see are caused either by shocks or by dust. These shocks are an integral part of the hydrodynamic shaping that is now producing a new bipolar nebula inside the old planetary nebula (PN), implying that we have a detailed observational record of the very early stages of the shaping of a bipolar nebula.
