It actually is an oil filter. Remember on the "in the studio" clips they were releasing, where JP talked about trying to get that thick, rich, creamy "chocolate cake" tone for this guitar? Well, prior to that, on the tour, he was only going for thick and rich, and the best way to get that was with a more oil-based guitar tone. Problem was, oil tends to gunk things up, so they had to have oil filters to make sure that didn't happen. They had a few of them around the stage because John Petrucci's guitar tone is everywhere. You just can't contain it.
Actually, in all seriousness, those are the 3D/360 cameras. It's been discussed in other threads, but is buried in the discussion.