NGC7129 - the Small Cluster Nebula, is a faint reflection nebula, about 3,300 light-years away in the constellation of Cepheus.
As its name suggests the 'Small Cluster' owes it's name to the young open cluster at it's centre which illuminates the nebula. These stars are only a few million years old and our Sun is thought to have been created in similar stellar nursery five billion years ago.
The small crescent-shaped red blobs are Herbig-Haro objects. These are regions of glowing hydrogen gas which have been shocked by jets of partially ionised gas emitted by the young stars.
In the first uncropped image, the open cluster towards the top edge on the right is NGC7142.
For more info. see the Wikipedia entry.